No Reassessment on Mere Change of Opinion: SC Dismisses Revenue’s Plea in Marico Case

ACIT Vs Marico Limited (Supreme Court of India) In Marico Limited v. ACIT, the Supreme Court of India upheld the quashing of a reassessment notice issued under Section 148 of the Income-tax Act for AY 2014–15. During the original assessment proceedings, the Assessing Officer had raised specific queries on 25 September 2017, which were duly answered by the assessee through letters dated 10 October 2017 and 21 December 2017. After considering these responses, the AO passed the assessment order on 30 January 2018. Subsequently, the Revenue sought to reopen the assessment through a notice dated ...