Validity of reopening of assessment - clandestine and ...

Court Invalidates Reassessment Notice Due to Lack of New Material, Citing Change of Opinion in Tax Case.

March 28, 2024

Case Laws Income Tax HC

Validity of reopening of assessment - clandestine and unaccounted sales - The High Court reviewed a petition challenging the rejection of objections to a notice for reassessment under the Income Tax Act. The petitioner argued that the reassessment was based on a change of opinion rather than a mistake. The court examined the assessment procedure and found that the reasons for reopening the assessment did not indicate the discovery of new material but rather a potential change of opinion. - Consequently, the court quashed the impugned order and notice, ruling in favor of the petitioner.

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Validity of reopening of assessment - clandestine and ...

Court Invalidates Reassessment Notice Due to Lack of New Material, Citing Change of Opinion in Tax Case.

March 28, 2024

Case Laws Income Tax HC

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