Reassessment Quashed for Change of Opinion on Promotional Expenditure

Asian Paints Ltd. Vs ACIT (Bombay High Court) The Bombay High Court allowed the writ petition and quashed the notice dated 31 March 2021 issued under Section 148 of the Income-tax Act, 1961, along with the order dated 7 February 2022 rejecting the assessee’s objections, holding that the reassessment proceedings for Assessment Year (AY) 2013–14 were without jurisdiction. Read SC Judgment: SC Upholds Bar on Reopening After Four Years for No Disclosure Failure The assessee had filed its return of income for AY 2013–14, which was selected for scrutiny. During the scrutiny assessment, the As...