Original assessment completed after considering all facts hence re-assessment unsustainable

Noshir Darabshaw Talati Vs ACIT (Bombay High Court) Bombay High Court held that reassessment proceedings u/s. 148 of the Income Tax Act is liable to be quashed and set aside as original assessment was completed after considering all the facts and material. Facts- The present petition challenges the impugned notice under Section 148 of the Income Tax Act (“the Act”) dated 31st March 2021 on the ground that the respondent no. 1 had reasons to believe that income chargeable to tax for Assessment Year (AY) 2015-16 has escaped assessment within the meaning of section 147 of the Act and the Asse...