The Bombay High Court quashed the reassessment proceedings against Grasim Industries concerning its Vodafone Idea rights-share subscription and the proposed ₹329 crore tax claim. The Court held that the reassessment was time-barred and that Section 56(2)(x) did not apply to the proportionate rights allotment where no disproportionate benefit was established.
Bombay HC Quashes Grasim’s ₹329 Crore Tax Claim
