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Bombay High Court Allows Petition Quashing Reassessment Notice in Income Tax Case Due to Change of Opinion. Reopening Under Section 148 of Income Tax Act, 1961 Held Invalid When Based on Same Material Considered in Original Assessment.

The petitioner, Shivam Ispat Private Limited, filed its income tax return for Assessment Year 2016-2017 declaring total income of Rs.32,58,510/-. The ...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Reassessment Case — Tribunal's Finding of Full Disclosure Upheld. Reopening Beyond Four Years Invalid as Assessee Disclosed All Material Facts in Return.

The appeal was filed by the Principal Commissioner of Income Tax-28 under section 260A of the Income Tax Act, 1961, challenging the order of the Incom...

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Bombay High Court Allows Writ Petition Challenging Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reassessment Notice Quashed as Based on Mere Change of Opinion Where Original Assessment Under Section 143(3) Had Examined Section 54 Exemption Claim.

The petitioner, Gagan Omprakash Navani, an individual assessed to tax, filed a return of income for Assessment Year 2016-2017 on 10 April 2017, declar...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — Cooperative Society Entitled to Deduction Under Section 80P(2)(e) on Ginning and Pressing Charges. Reopening of Assessment Based on Change of Opinion Not Justified.

The case involves an appeal by the Commissioner of Income Tax-I, Nagpur against the order of the Income Tax Appellate Tribunal (ITAT) which upheld the...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Assessment Reopened Beyond Four Years Based on Same Facts Already Considered During Original Assessment Under Section 143(3) — Held That Change of Opinion Does Not Justify Reopening.

The petitioner, Sanand Properties Pvt. Ltd., filed a writ petition under Article 226 of the Constitution challenging a notice dated 11 January 2011 is...

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Bombay High Court Quashes Reopening of Assessment Under Section 147 of Income Tax Act, 1961 for Lack of Full and True Disclosure. Deduction Under Section 80M Allowed Based on Dividend Distributed Before Due Date.

The petitioner, Godrej Agrovet Limited, a domestic company, filed its return of income for Assessment Year 2003-04 on 27th November, 2003 declaring an...

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Bombay High Court Quashes Reassessment Notice for Lack of Reasonable Belief of Income Escapement — Section 148 Income Tax Act, 1961. Reassessment Cannot Be Based on Mere Change of Opinion on Same Facts Already Considered During Original Assessment.

The petitioners, M/s. Devidayal Rolling Mills and its partner Sumanbala Aggarwal, challenged a notice dated 26th March 1992 issued under Section 148 o...