Reassessment proceedings u/s. 148 in absence of any new material not permissible: Bombay HC

Rubix Trading Pvt. Ltd. Vs ITO (Bombay High Court) Bombay High Court held that reopening of the assessment would be permissible without there being any new or additional material available to the Assessing Office. Accordingly, reassessment notice is set aside and writ petition is allowed. Facts- The petitioner is a company registered under the Companies Act and is engaged in the business of development of real estate projects. AO passed an order of assessment under Section 143(3) of the Income Tax Act, 1961 on 19.01.2016 accepting the petitioner’s declared income. Thereafter, the case wa...