High Court quashes Income Tax order against Kairosoft AI Solutions

Kairosoft AI Solutions Limited (formerly Pankaj Piyush Trade and Investment Limited) has received a favorable order from the Hon'ble High Court of Delhi. The court quashed an order dated August 30, 2024, passed under Section 148A(d) of the Income Tax Act, 1961, and a consequential notice under Section 148 of the Act. These proceedings pertained to Assessment Year 2016-17 and were challenged by the company on grounds of being barred by limitation. The High Court allowed the writ petition, disposing of the matter. This ruling provides significant relief to the company regarding the tax assessment.