GKN Driveshafts: SC Clarifies Reassessment Process

GKN Driveshafts (India) Ltd Vs ITO And Ors (Supreme Court of India) Supreme Court of India has clarified the mandatory procedure to be followed by income tax authorities when initiating reassessment proceedings under Section 148 of the Income Tax Act, 1961. The ruling came in an appeal filed by GKN Driveshafts (India) Ltd. against a Delhi High Court order that had dismissed their challenge to Section 148 notices as premature. The High Court had earlier taken the view that the assessee could raise all objections in response to the notices, thus dismissing the writ petition on January 31, 2001, ...