Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Change of Opinion — Internal Audit Objection Not 'Information' Under Section 148 of Income Tax Act, 1961. Court held that an internal audit objection based on facts already examined during scrutiny assessment cannot constitute 'information' to reopen assessment beyond three years....
The petitioner, Shri Dilip Laximan Powar, a paralyzed individual represented by his wife, runs a hardware and paint retail business as a proprietorship firm named Dilip Traders. He filed his income ta...
