Bombay HC Quashes Income Tax Reassessment Over Change of Opinion and No Failure to Disclose Facts [Read Order]
It noted that the reassessment notice, issued beyond four years, was not backed by new material and relied solely on documents already part of the earlier assessment record
The High Court of Bombay, quashed an income tax reassessment proceedings initiated against the assessee for Assessment Year(AY) 2014–15, holding that the reopening was based on a mere change of opinion and lacked any failure to fully and truly disclose material facts. Tata Communications Limited, petitioner-assessee, had filed its return of income for AY 2014–15…
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