Bombay High Court Quashes Reopening of Assessment Under Section 147 for Lack of Fresh Material — Reassessment Based on Same Facts as Original Assessment is Invalid. The Court held that the Assessing Officer cannot reopen an assessment on the same facts and material already considered during the original assessment under Section 143(3) of the Income Tax Act, 1961, as it amounts to a mere change of opinion.
10 Jun 2010The Petitioner, Indian Oil Corporation Ltd., filed a writ petition challenging the reopening of its assessment for Assessment Year 2002-03 under Secti...
