SC Upholds Quashing of Reassessment Notices Due to Unproven PE Allegations

ACIT Vs GE Steam Power Systems (Supreme Court of India) The case concerns Special Leave Petitions filed before the Supreme Court challenging a High Court decision that had set aside reassessment notices issued under Section 148 of the Income Tax Act, 1961 for Assessment Years 2013–14 to 2017–18. The notices were issued by the Assessing Officer (AO) seeking to reassess the income of several non-resident entities forming part of a global power business group. The petitioners were companies incorporated in various foreign jurisdictions including the United States, France, China, Germany, Mala...