The AO's failure to review the balance sheet or the valuation report renders their reason to believe purely hypothetical and conjectural. This lack of tangible material makes it inadequate to support the belief of income escapement
The Bombay High Court has invalidated the reassessment notice issued against Godrej Projects Development Pvt Ltd. The court observed that the Assessing Officer’s ( AO ) reason for reassessment, questioning how a newly incorporated company could command a significant share premium, was purely hypothetical and lacked tangible evidence. The bench, consisting of Justice Dr. Neela…
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