Reassessment only because of difference in opinion of valuation as adopted by assessee is untenable

Lakshdeep Investments & Finance Pvt. Ltd Vs ACIT (Bombay High Court) Bombay High Court held that only reason for re-assessment proceedings under section 148 of the Income Tax Act is adoption of different opinion on the question of valuation as against the one adopted by petitioner. Accordingly, such re-assessment proceedings is liable to be quashed and set aside. Facts- This writ petition invokes our jurisdiction under Article 226 of the Constitution of India challenging the legality and validity of the notice dated 30/03/2021 issued by respondent No.1 under Section 148 of the Income Tax A...