HP HC Quashes Reassessment as it was Based on ‘Change of Opinion’

J.B.J. Perfumes Private Limited Vs PCIT (Himachal Pradesh High Court) In a significant ruling, the Himachal Pradesh High Court quashed the reassessment notice issued to J.B.J. Perfumes Private Limited by the Principal Commissioner of Income Tax (PCIT). The court held that the reassessment was based on a mere ‘change of opinion,’ which is not permissible under the Income Tax Act, 1961. J.B.J. Perfumes Pvt. Ltd., a company engaged in manufacturing perfumery compounds and room fresheners, filed its income tax return for the assessment year 2013-14 declaring a net taxable income of ₹...