https://www.taxtmi.com/caselaws?id=461877 The Delhi HC allowed the appeal challenging reassessment under section 147. The court held that reassessment reasons based on survey reports from 2007 and 2019 on GE Group constituents were insufficient to establish valid "reasons to believe" for reopening assessment. Following precedent in Grid Solutions OY case, the court ruled that survey reports from specific tax periods cannot automatically justify reassessment for independent assessment years. The court emphasized that mere suspicion cannot substitute for belief based on concrete reasons, thereby quashing the reassessment action. en-us Fri, 07 Feb 2025 00:00:00 +0530 Thu, 02 Apr 2026 09:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461877 The Delhi HC allowed the appeal challenging reassessment under section 147. The court held that reassessment reasons based on survey reports from 2007 and 2019 on GE Group constituents were insufficient to establish valid "reasons to believe" for reopening assessment. Following precedent in Grid Solutions OY case, the court ruled that survey reports from specific tax periods cannot automatically justify reassessment for independent assessment years. The court emphasized that mere suspicion cannot substitute for belief based on concrete reasons, thereby quashing the reassessment action. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461877