Reassessment Notice Quashed: No Prime Facie Evidence of Non-Genuine Investment

NuPower Renewables Pvt. Ltd. Vs ACIT & Others (Bombay High Court) The Bombay High Court recently quashed a reassessment notice issued by the Assistant Commissioner of Income Tax (ACIT) against NuPower Renewables Pvt. Ltd. for the Assessment Year 2011-12. The court found that the notice, issued beyond the four-year limitation period, lacked a valid basis as it relied on information already available to the Assessing Officer during the original scrutiny assessment. NuPower Renewables Pvt. Ltd. had filed its original return of income on September 29, 2011, declaring a loss, and a revised retu...