Reassessment Solely on Audit Objection Invalid; Rule of Law Overrides Revenue Considerations: Delhi HC

PCIT Vs NTPC Ltd. (Delhi High Court)

The Delhi High Court: Holds reassessment based solely on audit objection invalid; reiterates that statutory mandate and rule of law override considerations of high revenue implications.

Facts:

• The present appeals were filed by the Principal Commissioner of Income Tax-4, New Delhi under Section 260A of the Income Tax Act, 1961 against National Thermal Power Corporation Ltd (‘NTPC’), challenging a common order dated 16.02.2024 passed by the Income Tax Appellate Tribunal for Assessment Years

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