Bombay High Court Hears Writ Petition Challenging Reopening Notice Under Section 148 of Income Tax Act; Assessee Asserts Long Term Capital Loss on Capital Reduction Was Fully Disclosed and Reassessment After Four Years Is Impermissible Without Failure to Disclose Material Facts. Reasons for Reopening Alleged No Transfer Occurred Despite Supreme Court Precedent That Extinguishment of Rights in Capital Asset Constitutes Transfer.
30 Sep 2021The matter arose from a writ petition filed by the assessee challenging a notice under Section 148 of the Income Tax Act, 1961 and the subsequent orde...
