Reopening Based on Suspicious Transaction Report Invalid Without Corroboration: Calcutta HC

PCIT Vs Gillanders Arbuthnot And Co. Ltd (Calcutta High Court)

Calcutta High Court has dismissed an appeal filed by the Principal Commissioner of Income Tax (PCIT) against Gillanders Arbuthnot And Co. Ltd., upholding a decision by the Income Tax Appellate Tribunal (ITAT), Kolkata. The ruling effectively quashes the reopening of an assessment for the assessment year 2009-10, stating that the tax authorities lacked “reason to believe” that income had escaped assessment and that the reassessment was based on a “change of opinion” rather than new, tangible evide

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