Relief to Asian Paints: Supreme Court upholds Bombay HC’s Decision to Quash Reassessment Proceedings; Dismisses SLPs of Income Tax Dept [Read Order]

Relief - Asian Paints - Supreme Court - upholds - Bombay HC's - Quash Reassessment - Proceedings - SLPs - Income Tax Dept - taxscan

The Supreme Court, in favour of Asian Paints, has affirmed the Bombay High Court’s ruling, which invalidated the reassessment proceedings initiated against the company. The bench has rejected the Special Leave Petitions (SLPs) filed by the Income Tax Department. The company-Asian paints (herein the Respondent), a public limited company engaged inter-alia in the business of…

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