Reassessment only because of difference in opinion of valuation as adopted by assessee is untenable

Lakshdeep Investments & Finance Pvt. Ltd Vs ACIT (Bombay High Court)

Bombay High Court held that only reason for re-assessment proceedings under section 148 of the Income Tax Act is adoption of different opinion on the question of valuation as against the one adopted by petitioner. Accordingly, such re-assessment proceedings is liable to be quashed and set aside.

Facts- This writ petition invokes our jurisdiction under Article 226 of the Constitution of India challengi

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