Delhi HC Sets Aside Assessment Order which was based on Wrongful Allegations

Aadi India Private Limited Vs ACIT (Delhi High Court) Introduction: In a recent legal development, the Delhi High Court has set aside an assessment order in a case involving allegations of non-current investments made in share application money. The court’s decision comes as a response to a challenge laid by Aadi India Private Limited against various notices and orders issued by the tax authorities for the Assessment Year (AY) 2019-20. 1. Initial Allegations: The case began with a notice dated 23.02.2023 issued under Section 148A(b) of the Income Tax Act, 1961 (the Act). The primary alle...