Bombay HC quashes reassessment notices issued after Limitation period

Godrej Industries Ltd. Vs ACIT (Bombay High Court) Introduction: In a significant judgment, the Bombay High Court has ruled in favor of Godrej Industries Ltd. against the Assistant Commissioner of Income Tax (ACIT), quashing reassessment notices issued against the company. The case revolved around the contention that the notices were issued beyond the permissible limitation period, making them legally untenable. This decision has considerable implications for the corporate sector, particularly concerning reassessment proceedings under the Income Tax Act, 1961. Detailed Analysis: The heart of t...