Income Tax Reassessment Notice Invalid as AO Relied Only on Faulty Audit Objection

Songwon Specialty Chemicals India Private Limited Vs DCIT (Gujarat High Court) The Gujarat High Court heard two connected petitions challenging notices issued under Sections 148A(b), 148A(d), and 148 of the Income Tax Act for Assessment Years 2017-18 and 2018-19. The petitioner sought quashing of the reassessment proceedings initiated on the basis of audit objections regarding depreciation on intangible assets, particularly goodwill. The petitioner argued that the assessment for the relevant years had been completed under Section 143(3), and depreciation on goodwill had been consistently accep...