High Court quashes notice to reopen assessment under Section 148, citing lack of proof for bad debts

The High Court of Bombay quashed a notice to reopen an assessment for AY 2004-05 under Section 148 of the Income Tax Act, 1961, as the bad debts were not proven to be irrevocable. The court ruled in favor of the petitioner, citing a precedent from the Apex Court.

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The High Court of Bombay quashed a notice seeking to reopen an assessment for AY 2004-05 under Section 148 of the Income Tax Act, 1961. The assessment was sought to be reopened only on the ground that bad debts were not proved to be irrevocable. The court ruled in favor of the petitioner based on a precedent set by the Apex Court in the case of T.R.F. Ltd. v/s. Commissioner of Income Tax.

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