Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Reassessment Based on Mere Change of Opinion Invalid. The court held that the Assessing Officer's acceptance of the return under Section 143(1) after considering the Section 10A deduction claim precludes reopening without fresh tangible material.
16 Sep 2013The petitioner, Sitara Diamond Pvt. Ltd., challenged a notice dated 3 May 2012 issued under Section 148 of the Income Tax Act, 1961, seeking to reasse...
