HC quashes initiation of reassessment on Bharti Infratel as it made full disclosure of demerger deal

IT : Company BAL transferred its passive telecom infrastructure asset having WDV Rs. 5,739 crores to assessee, a wholly owned subsidiary, for Nil value, under scheme of arrangement approved by High Court - These assets were immediately re-valued at Rs. 8218 crores - Difference between two figures of Rs. 8218.12 crores and Rs. 5739.60 crores was taxed in hands of BAL - Immediately thereafter assessee transferred these assets to a third party - Assessing Officer held that re-assessment in case of

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