Borrowed Satisfaction & No Tangible Material: SC Upholds Quashing of Reassessment

ITO Vs Amitkumar Chandulal Rajani (Supreme Court of India)

The dispute culminated before the Supreme Court of India after the Revenue challenged a judgment of the Gujarat High Court that had quashed reassessment notices issued under Section 148 of the Income-tax Act, 1961. The Supreme Court, exercising jurisdiction under Article 136 of the Constitution, condoned the delay but declined to interfere with the High Court’s judgment, thereby dismissing the special leave petition.

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