HC Remands Case: Directs AO to Pass Speaking Order Addressing Petitioner’s Objections

Shilp Realty Private Limited Vs ITO (Gujarat High Court) Gujarat High Court, in a recent judgment, set aside a reassessment notice issued under Section 148 of the Income Tax Act, 1961, and the subsequent assessment order for Assessment Year 2013-14, against Shilp Realty Private Limited. The court found fault with the Income Tax Officer’s (ITO) lack of independent application of mind in initiating the reassessment and the failure to pass a speaking order on the assessee’s objections. The case originated when Shilp Realty Private Limited, which had filed its return for AY 2013-14 dec...