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Bombay High Court Quashes Reassessment Notice and Order in Income Tax Case Due to Lack of Fresh Material and Change of Opinion. Guarantee Fee Reversal Issue Already Examined in Original Assessment and Pending Before Tribunal, Reassessment Barred by Third Proviso to Section 147 of Income-tax Act, 1961.

The petitioner, Tata Communications Limited, filed its return of income for Assessment Year 2014-15 on 24 November 2014, which was revised twice in Ma...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Notice Issued Beyond Four Years Based on Same Material as Original Assessment Held Invalid.

The petitioner, Vibrant Securities Private Limited, a company engaged in stock broking and proprietary trading, challenged a notice under section 148 ...

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Bombay High Court at Goa Quashes Reopening Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material and Change of Opinion. Assessment Reopening After Four Years Invalid Without Failure to Disclose True and Full Facts.

The petitioner, M/s. Anand Developers, a partnership firm, challenged a notice dated 29 March 2019 issued under Section 148 of the Income Tax Act, 196...

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Bombay High Court Quashes Reassessment Notices for Lack of Reasonable Belief of Income Escapement — Section 148 Income Tax Act, 1961. Reopening of assessments based on mere change of opinion without tangible material is invalid.

The petitioner, Amar Hotchand Nagpal, a finance and estate broker, challenged three notices dated 23rd September 1997 issued under Section 148 of the ...

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Bombay High Court Quashes Reopening Notices Under Section 148 of Income Tax Act for Lack of Fresh Material. Reassessment Based on Change of Opinion Without New Tangible Material is Invalid.

The petitioner, M/s. Alliance Space Pvt. Ltd., a company engaged in property development, challenged two notices dated 24th March 2015 and 29th March ...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Fresh Material. Reopening of Assessment Under Section 147/148 of Income Tax Act, 1961 Based on Mere Change of Opinion Without New Tangible Material is Invalid.

The petitioner, M/s. Crown Consultants Pvt. Ltd., a share and stock broker, filed its return of income for assessment year 2007-08 on 30 October 2007 ...

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Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Unabsorbed Depreciation Set-Off and Book Profit Adjustments Under Section 115JB of Income Tax Act, 1961 Not Justified for Reopening.

The petitioner, Voltas Limited, filed a writ petition challenging a notice dated 30 March 2011 issued under Section 148 of the Income Tax Act, 1961, s...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Held Invalid as There Was No Failure to Disclose Material Facts and No New Tangible Material.

The petitioner, Multiscreen Media Private Limited, a company engaged in providing audiovisual television software and related activities, filed return...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Mere Change of Opinion Invalid. Reassessment Based on Same Commencement Certificate Date Already Considered in Original Assessment Under Section 143(3) Cannot Be Sustained.

The petitioner, M/s. Mistry Lalji Narsi Development Corporation, a partnership firm engaged in development and construction, challenged a notice issue...