Reassessment Valid if There Is Tangible Material For Reopening

Advocate Akhilesh Kumar Sah Sonia Gandhi & Oscar Fernandes Vs. ACIT and Rahul Gandhi Vs. PCIT (Delhi High Court) Facts in brief relating to the topic: The brief facts in three petitions were that the Indian National Congress (“INC” hereafter, also referred to as “AICC”) had over a period of time advanced `90 crores to Associated Journals Ltd (hereafter “AJL”), publishers of the newspaper “National Herald”, with the condition that the amounts be utilized by the latter to write off its accumulated debts and recommence its newspaper. The books of account of AJL showed that f...