The High Court quashed the reassessment proceedings initiated by the Assessing Officer u/s 148 of the...

The High Court quashed the reassessment proceedings initiated by the Assessing Officer u/s 148 of the Income Tax Act, holding it to be a case of "change of opinion" and not a valid reassessment. The assessee had acquired equity shares of a closely held company at below fair market value under the 'Right Issue'. Initially, the Principal Commissioner of Income Tax (PCIT) had dropped the proceedings u/s 263 after considering the assessee's submissions. However, the Assessing Officer subsequently issued a notice u/s 148A(b) to reopen the assessment on the same issue. The Court held that reassessment can only be initiated on grounds not previously considered during the original assessment proceedings. Since the PCIT had already examined the issu..... .....

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