Reopening Invalid Due to Change of Opinion on Same Material: Bombay HC

Transchem Limited Vs ACIT-8(3) (Bombay High Court) The petition challenged the validity of a notice issued under Section 148 of the Income Tax Act, 1961, dated 29 March 2010, along with the approval granted under Section 151 and the order rejecting objections to reopening. The original assessment for the relevant assessment year had already been completed under Section 143(3), and the reopening notice was issued more than four years after the end of the assessment year. In such circumstances, the proviso to Section 147 requires the Revenue to demonstrate that the assessee failed to fully and t...