Reassessment Cannot Be Arbitrarily Reversed Without Valid Reason: Bombay HC

Siemens Limited Vs DCIT (Bombay High Court) Bombay High Court ruled in favor of Siemens Limited, setting aside reassessment proceedings initiated by the Income Tax Department for the Assessment Year 2014-15. The dispute arose from two conflicting orders issued by the Assessing Officer (AO) under Section 148A(d) of the Income Tax Act. The first order, dated July 26, 2022, concluded that Siemens had fully disclosed its income, and no reassessment was warranted. However, just five days later, on July 31, 2022, the AO issued another order taking a completely opposite stance, stating that Rs. 77.2 ...