Reopening Assessment Based on Audit Objections Without New Basis Impermissible: Bombay HC

Bennett Coleman & Company Limited Vs DCIT (Bombay High Court) In Bennett Coleman & Company Limited v. DCIT, the Bombay High Court examined the legality of reopening assessments under Section 148 of the Income Tax Act. Bennett Coleman, engaged in diverse businesses including publishing and broadcasting, had demerged its English news channel Times Now from its subsidiary, Times Global Broadcasting Company Limited, into itself. During the 2015-16 assessment year, the company carried forward business losses and unabsorbed depreciation from the demerged entity under Section 72A(4). The Asse...