Bombay High Court Allows Writ Petition Challenging Reassessment Notice and Assessment Order Under Income Tax Act — Set Off of Long-Term Capital Loss Against Long-Term Capital Gain Permitted. The court held that the reassessment notice under Section 148 was based on a change of opinion and the assessment order rejecting set off under Section 70(3) was unsustainable....
The petitioner, Noshir Darabshaw Talati, challenged a notice under Section 148 of the Income Tax Act, 1961 dated 31 March 2021 for Assessment Year 2015-16 and the consequent assessment order under Sec...
