Gujarat HC Quashes Reassessment as Warranty Provision Was Scientifically Estimated

Ammann India Private Limited Vs ACIT (Gujarat High Court) The Gujarat High Court allowed the writ petition and quashed the notice and order dated 26.03.2024 issued under Sections 148 and 148A(d) of the Income Tax Act, 1961, holding that the reopening of assessment for Assessment Year (AY) 2017-18 could not be sustained on the facts of the case. The petitioner, engaged in the business of manufacturing and selling road construction equipment, had filed its return for AY 2017-18 declaring total income of ₹73.65 crore. The Revenue initiated reassessment proceedings alleging that the petitioner h...