Change of opinion on scrutinised issue: SC quashes Reopening Notice

ACIT Vs Marico Ltd. (Supreme Court of India) Supreme Court of India has upheld a High Court decision that set aside a notice issued by the Assistant Commissioner of Income Tax (ACIT) seeking to re-open the assessment of Marico Ltd. for the Assessment Year 2014-15. The top court’s brief order, which dismissed the revenue’s special leave petition, reinforces the principle that an issue already examined and considered by the Assessing Officer during the original assessment proceedings cannot form the basis for a subsequent re-opening under Section 148 of the Income-Tax Act, 1961, term...