Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Mere Change of Opinion Not Sufficient to Reopen Assessment After Scrutiny. The court held that reopening based on same material considered during scrutiny assessment is invalid as it amounts to a change of opinion.
4 Mar 2010The petitioner, Rallis India Limited, filed its return of income for assessment year 2004-2005 declaring a loss of Rs.52.87 crores, which included a d...




