Profit and loss accounts not qualifies as books of account under Income tax: Madras HC

IDFC Limited Vs Deputy Commissioner of Income Tax (Madras High Court) The case examines the validity of reassessment notices issued by tax authorities where no new or tangible information was brought to light. The reassessment proceedings were based solely on materials, such as financial statements and judgments, already available during the original scrutiny. The Madras HC  observed that the term “information” under Explanation 1 of Section 148 pertains to new, specific, and tangible details flagged through risk management strategies or other credible sources. Additionally, the...