SC Upholds Reassessment as Approval Stating “Fit Case” Was Held Valid

Agroha Fincap Ltd. Vs PCIT (Supreme Court of India) The Supreme Court dismissed the special leave petitions filed against the High Court judgment in the case concerning reassessment proceedings under Sections 147, 148, and approval under Section 151 of the Income Tax Act, 1961, thereby declining to interfere with the High Court’s decision. The dispute arose from reassessment proceedings initiated against the assessee for Assessment Year 2009-10. The assessee had filed its return declaring income of Rs.40,720/-, which was processed under Section 143(1) and was not selected for scrutiny. Subse...