Reassessment u/s. 148 quashed as based on same material which was accepted by AO in earlier proceeding

Himadri Speciality Chemical Limited Vs A/DCIT (Calcutta High Court) Calcutta High Court held that reassessment proceedings initiated under section 148 of the Income Tax Act based on the same survey material which was already accepted by AO in earlier proceedings is not sustainable in law. Accordingly, reassessment proceedings cannot be sustained. Facts- The petitioner is engaged in the business of manufacturing of coal tar pitch, carbon black etc. Based on the information/material gathered during the survey operation, AO initiated reassessment proceedings in respect of the income of the trans...