https://www.taxtmi.com/caselaws?id=9769 The High Court of Bombay considered challenges to notices issued under section 148 of the Income-tax Act for assessment years 1999-2000 and 2000-01. The court emphasized that the power to reopen assessments cannot be exercised arbitrarily and must be based on reasonable belief of income escaping assessment, not merely a change of opinion. Analyzing specific grounds for reopening, the court found lack of justification for TDS evidence and dividend income issues. The court criticized the Assessing Officer's rejection of objections without considering relevant decisions, leading to a ruling that the reopening was based on conjecture, quashing the notices and ruling in favor of the petitioner. en-us Mon, 10 Oct 2005 00:00:00 +0530 Tue, 30 Jun 2009 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9769 The High Court of Bombay considered challenges to notices issued under section 148 of the Income-tax Act for assessment years 1999-2000 and 2000-01. The court emphasized that the power to reopen assessments cannot be exercised arbitrarily and must be based on reasonable belief of income escaping assessment, not merely a change of opinion. Analyzing specific grounds for reopening, the court found lack of justification for TDS evidence and dividend income issues. The court criticized the Assessing Officer's rejection of objections without considering relevant decisions, leading to a ruling that the reopening was based on conjecture, quashing the notices and ruling in favor of the petitioner. Case-Laws Income Tax Mon, 10 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9769