Relief to Pfizer: Bombay HC Quashes Reopening of Assessment on Promotional Expenses, Terms It Change of Opinion [Read Order]
Since the issue was already examined and confirmed by the CIT(A), the Court held that there was no failure to fully and truly disclose facts, so reopening after four years was not justified
The High Court of Bombay quashed the reopening of assessment initiated under Section 148 of Income Tax Act,1961 against Pfizer Limited for Assessment Year 2009–10, holding that the reassessment was based on a mere change of opinion. Pfizer Limited,petitioner-assessee,filed its return for AY 2009–10 on 30 September 2009 and revised it on 25 March 2011….
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