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Assessments cannot be reopened merely on the basis of a change of opinion without valid grounds
Case Law Details
- Case Name
- Upesi Ventures Ltd. Vs ACIT (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Upesi Ventures Ltd. Vs ACIT (Bombay High Court)
The case of Upesi Ventures Ltd. vs. ACIT before the Bombay High Court revolves around the challenge to a notice issued under Section 148 of the Income Tax Act, 1961, proposing to reopen the assessment for the Assessment Year (AY) 2015-2016. The petitioner, Upesi Ventures Ltd., a company incorporated in Cyprus and registered as a Foreign Portfolio Investor with SEBI, contested the notice, arguing that it was ex facie illegal, untenable, and contrary to the provisions of the Act.
The assessment for the AY 2015-2016 had been completed earlier, accep...
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