Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material — Mere Change of Opinion Not Sufficient for Reassessment Under Section 147 of Income Tax Act, 1961. The court held that the assessing officer cannot reopen an assessment under Section 147 based on the same return already processed under Section 143(1) without any new tangible material, as it would amount to a mere change of opinion.
14 Dec 2018The petitioner, an individual, filed his return of income for Assessment Year 2013-14 declaring total income of Rs. 65,51,360/-. The return was accept...
