Reassessment notices cannot be mechanically issued without examining documents

Huawei Technologies Cooperatief U.A. Vs ACIT (Delhi High Court) Delhi HC Quashes Section 148/148A Reassessment Notices for Non-Resident Loan Income, Orders Fresh Assessment Delhi High Court set aside the reassessment notice and order under Sections 148 and 148A of the Income Tax Act for AY 2019-20, holding that the petitioner’s interest income from External Commercial Borrowings was already taxed under Section 194LC. The Court emphasized that reassessment cannot be triggered solely for non-filing of returns and directed the Assessing Officer to pass a fresh, reasoned order within four weeks ...