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Bombay HC Quashes Reassessment as Broken Period Interest Deduction Was Already Settled by SC
Case Law Details
- Case Name
- Bank of India Vs ACIT (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All High Courts, Bombay High Court
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Bank of India Vs ACIT (Bombay High Court)
Reopening Invalid Since Deduction for Broken Period Interest on HTM Securities Was No Longer Res Integra: Bombay HC; Bombay HC Sets Aside Section 148 Proceedings Due to Binding Precedents on Broken Period Interest; Revenue Cannot Ignore Settled Law Merely Because Appeals Are Pending: Bombay HC Quashes Reassessment; Broken Period Interest Deduction Allowed; Bombay HC Holds Reassessment Lacked Legal Foundation.
Summary: The Bombay High Court allowed the writ petition challenging reassessment proceedings initiated against the assessee in relation to dedu...
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