https://www.taxtmi.com/caselaws?id=420004 The court quashed a notice under section 148 of the Income Tax Act, 1961 for the assessment year 2017-18, as it was found to be solely based on a change of opinion by the Assessing Officer regarding the treatment of provisions debited to the Profit and Loss account. The court emphasized that the identified provision for expenses had been considered during the original assessment proceedings, and reopening the assessment on a change of opinion was unjustified as it did not indicate income escaping assessment. The petition was allowed, and the notice and order were quashed, with no costs awarded. en-us Wed, 16 Mar 2022 00:00:00 +0530 Wed, 23 Mar 2022 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420004 The court quashed a notice under section 148 of the Income Tax Act, 1961 for the assessment year 2017-18, as it was found to be solely based on a change of opinion by the Assessing Officer regarding the treatment of provisions debited to the Profit and Loss account. The court emphasized that the identified provision for expenses had been considered during the original assessment proceedings, and reopening the assessment on a change of opinion was unjustified as it did not indicate income escaping assessment. The petition was allowed, and the notice and order were quashed, with no costs awarded. Case-Laws Income Tax Wed, 16 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420004