https://www.taxtmi.com/caselaws?id=13763 The HC quashed the notice for reopening the assessment for the assessment year 2003-04, issued under section 148 of the Income-tax Act, against an asset management company. The court found that the reopening was based on a change of opinion regarding the depreciation on intangible assets, which is impermissible under section 147 of the Act. The HC emphasized the necessity for valid reasons and substantive grounds for reopening assessments, ruling that the reasons provided did not demonstrate how income had actually escaped assessment. en-us Mon, 27 Nov 2006 00:00:00 +0530 Tue, 13 Feb 2024 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13763 The HC quashed the notice for reopening the assessment for the assessment year 2003-04, issued under section 148 of the Income-tax Act, against an asset management company. The court found that the reopening was based on a change of opinion regarding the depreciation on intangible assets, which is impermissible under section 147 of the Act. The HC emphasized the necessity for valid reasons and substantive grounds for reopening assessments, ruling that the reasons provided did not demonstrate how income had actually escaped assessment. Case-Laws Income Tax Mon, 27 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13763