Reassessment Notice Quashed Due to Incorrect Assumption of Share Transfer: Delhi HC

RRPR Holdings Private Limited Vs DCIT (Delhi High Court) The Delhi High Court examined a writ petition challenging the initiation of reassessment proceedings for Assessment Year 2010–11 under Section 148 of the Income-tax Act. The petitioner sought quashing of the notice dated 23 March 2015 and subsequent order rejecting objections, along with a prohibition on further reassessment and inquiries. The reassessment was based on allegations relating to a transaction involving acquisition of shares and a loan agreement. It was stated that the petitioner had acquired 7.5% shareholding in a company...