Bombay High Court Delivers Judgment on Validity of Reopening of Assessment for Charitable Trust Under Section 148 of Income Tax Act. The court examined whether the notice under Section 148A(b) and order under Section 148A(d) based on audit objection regarding specification of purpose for accumulation under Section 11(2) was sustainable when the issue had been earlier examined in scrutiny....
The petitioner, Sir Jamsetjee Jejeebhoy Charity Fund, a charitable trust registered under Section 12A of the Income Tax Act, 1961, filed a writ petition before the Bombay High Court challenging notice...
