No reassessment of Completed/Unabated Assessments Without Incriminating Material: SC

PCIT Vs King Buildcon Pvt. Ltd (Supreme Court of India) In a significant decision, the Supreme Court of India has ruled in the case of PCIT Vs King Buildcon Pvt. Ltd that reassessment proceedings should not be conducted on completed/unabated assessments if no incriminating material is found during a search. The ruling provides clarity on the circumstances under which completed or unabated assessments can be reopened. The Supreme Court’s decision reaffirms the ruling in the case of Municipal Commissioner of Income Tax v. Abhisar Buildwell Pvt. Ltd. The court acknowledged that the Assessin...