Tag Archives: Vimal Oil and Foods Ltd.

Reassessment Initiated on Surmises and Conjectures Regarding Cessation of Liability Is Legally Impermissible Issue Whether reassessment proceedings under Section 148 read with Section 148A can be validly initiated based on vague assumptions and conjectures that an assessee “might have claimed” deduction of interest liability which subsequently ceased to exist. Facts The petitioner-company underwent Corporate Insolvency… Read More »

Reassessment notice under Section 148 based on surmises of Section 41(1) interest waiver is invalid. Reassessment notice under Section 148 based on surmises of Section 41(1) interest waiver is invalid. Issue Whether a reassessment notice issued under Section 148 based on surmises and conjectures that the assessee might have claimed deduction for unpaid interest—which was… Read More »