AO cannot Re-open Assessment to Remedy Error Resulting from Oversight in Assessment Proceeding: Bombay HC [Read Order]

The Bombay HC observed that the Assessing Officer cannot re-open assessment to remedy error resulting from oversight in assessment proceeding
Bombay High Court - Assessment errors oversight - AO assessment proceedings - Reopening of Assessment - taxscan

In a recent decision, the Bombay High Court observed that the Assessing Officer ( AO ) cannot re-open assessment to remedy error resulting from oversight in assessment proceeding. The petitioner had filed on 29th September 2015, its return of income for AY 2015-16. Petitioner declared income of ‘Nil’. An assessment under Section 143(3) of the…

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