Bombay HC Quashes Reassessment as Broken Period Interest Deduction Was Already Settled by SC

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...