Reopening Invalid Due to Mere Change of Opinion on Examined Cash Deposits: Bombay HC

Magestic Premises Private Limited Vs ACIT (Bombay High Court) The Bombay High Court allowed the writ petition challenging the reopening of assessment under Section 148 for Assessment Year 2013–14. The petitioner had originally filed its return declaring income of ₹17,50,690, and the case was subjected to scrutiny under Section 143(3). During the original assessment, the Assessing Officer raised queries regarding cash deposits and transfer of Transferable Development Rights (TDR). The petitioner furnished detailed explanations along with supporting documents, including the cash book. While ...