Geecee Ventures wins tax appeal; ITAT quashes Rs 13.4 cr reassessment
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Geecee Ventures has won its income tax appeal at the ITAT Mumbai. The tribunal quashed a Section 148 notice and the May 2023 reassessment order that had added Rs 13.40 crore to the company's income for AY 2017-18 over a dividend exemption disallowance. The earlier CIT(A) had dismissed the appeal, but the ITAT ruled the notice was invalid due to missing approvals under Section 151. The Rs 13.40 crore addition now stands removed, pending consequential effect by the Assessing Officer.
Favourable outcome: Rs 13.40 crore tax demand quashed, removes risk of additional tax liability for the company.