Gujarat HC Quashed Reopening Due to Absence of Fresh Tangible Material

Adani Power Limited Vs ACIT (Gujarat High Court) The petitioner challenged a notice issued under Section 148 of the Income Tax Act, 1961 seeking to reopen the assessment for Assessment Year (AY) 2014–15. The notice dated 31 March 2021 was issued after the original assessment had been completed under Section 143(3). Read SC Judgment: SLP Filed Only to Get SC Stamp Dismissed Due to 426-Day Delay & Vague Explanation The assessee company is engaged in developing, operating and maintaining power projects and in the sale of power. It had filed its return of income declaring losses under both ...