Mere change of opinion on already disclosed facts: Gujarat HC Quashes Reassessment Notice

Aim Fincon Pvt. Ltd. Vs ACIT (Gujarat High Court) Gujarat High Court today quashed a reassessment notice issued under Section 148 of the Income Tax Act, 1961, against AIM Fincon Pvt. Ltd. for the Assessment Year 2012-13. The court ruled that the reopening of the assessment was based on a mere change of opinion by the Assessing Officer (AO) on facts already disclosed and considered during the original assessment proceedings. The case, AIM Fincon Pvt. Ltd. Vs ACIT, centered on a notice dated March 29, 2016, seeking to reopen the assessment of Arihant Tradecom Pvt. Ltd., which had subsequently me...