Reassessment on Demonetized Cash Deposits Invalid Due to Change of Opinion

Dilip Laximan Powar Vs ITO (Bombay High Court) In the case of Dilip Laximan Powar vs. Income Tax Officer, the Bombay High Court addressed the validity of a notice issued under Sec-tion 148-A(b) of the Income Tax Act, 1961. The petitioner, represented by his wife due to his medical condition, challenged the notice dated 19.03.2024 on grounds that it was issued beyond the permissible time frame and relied on an audit objection that did not reveal new facts. The petitioner, who operates a retail hardware and paint business in Goa, had filed returns for the Assessment Year 2017–18, which were ac...