Audit Report Not Mandatory with Return; Can Be Filed Before Assessment Completion: Delhi HC

Shree Bhavani Power Projects Pvt. Ltd. Vs ITO (Delhi High Court) Not Mandatory To File Audit Report Along With Return, Can Be Filed Anytime Before Assessment Completion: Delhi High Court The Delhi High Court’s ruling in Shree Bhavani Power Projects Pvt. Ltd. vs. ITO provides significant guidance on reassessment proceedings under the Income Tax Act. The court invalidated reassessment orders for the assessment years 2013-14 and 2014-15, emphasizing that no escapement of income was established—a mandatory condition for reopening assessments under Section 148. The reassessment for AY 2013-...