SC Refuses to Revive Reassessment as Original Scrutiny Had Examined Relevant Transactions & Details

ACIT Vs Adani Wilmar Limited (Supreme Court of India) The dispute concerned the validity of a notice issued under Section 148 of the Income Tax Act, 1961 for reopening the assessment of a company engaged in the import and refining of edible oil for Assessment Year 2013-14. The assessee had originally filed its return declaring nil income under the normal provisions and paid tax under Section 115JB (Minimum Alternate Tax or MAT) on book profits. The assessment was completed under Section 143(3) of the Act. Subsequently, the Assessing Officer issued a notice dated 24.03.2020 under Section 148 se...