Reassessment can be initiated only on approval from specified authority & should not be based on change of opinion

Siemens Financial Services Pvt Ltd. Vs DCIT (Bombay High Court)

The Bombay High Court’s recent ruling in the case of Siemens Financial Services Pvt Ltd. vs DCIT (Deputy Commissioner of Income Tax) has brought significant clarifications to the legal landscape surrounding tax reassessments. The court’s judgment primarily focused on two major points:

1. The role and authority required for the approval of reassessments.
2. The limitations placed on the Assessing Officer regarding changes of opinion.

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