Reassessment action based on wholly erroneous view is liable to be quashed: Delhi HC

Vedanta Limited Vs ACIT (Delhi High Court) Delhi High Court held that entire assumption of jurisdiction u/s. 148 is based on a wholly erroneous view that payment made for acquiring mining rights is to be treated as income. Since, such payment is not income, reassessment action based on erroneous view quashed. Facts- The challenge is to the reassessment action initiated pursuant to a notice dated 30 March 2019 and pertains to Assessment Year 2012-13. The respondents take note of the Return of Income which was filed by the petitioner for A.Y. 2012-13 on 27 November 2012. The Assessing Officer ap...