SC Dismisses Revenue’s SLP Due to Delay & Lack of Year-Specific Material in Reassessment

ACIT Vs UK Grid Solutions Limited (Supreme Court of India) The Supreme Court of India considered a Special Leave Petition filed by the Revenue challenging a judgment of the Delhi High Court concerning reassessment proceedings for Assessment Years 2013–14 and 2014–15. The High Court had quashed reassessment notices issued under Section 148 of the Income Tax Act, 1961. The reassessment proceedings were initiated based on findings from surveys conducted in 2007 and 2019 involving entities of a group operating in India. The Revenue relied on these survey findings and earlier judicial observati...