Change of Opinion not Grounds for Income Escaping Assessment: Bombay HC

Geopreneur Realty Private Limited Vs Union of India Through the Secretary (Bombay High Court) The Bombay High Court recently addressed the issue of reopening assessments based on a change of opinion in the case of Geopreneur Realty Private Limited vs. Union of India. The petitioner contested a notice dated March 30, 2021, issued under Section 148 of the Income Tax Act for the Assessment Year 2017-2018. Background: Geopreneur Realty Private Limited, engaged in real estate development and construction, filed its return of income for the Assessment Year 2018-2019, declaring a total loss of Rs. 1...