Bombay High Court Allows Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 for Assessment Year 1990-91. Reassessment Based on Change of Opinion Without Fresh Material is Invalid and Section 45(4) Does Not Apply to Distribution of Assets on Retirement of Partner....
The petitioner, a partnership firm, challenged a notice under Section 148 of the Income Tax Act, 1961 dated 21st July 2003 seeking to reopen the assessment for the assessment year 1990-91. The firm ha...




