https://www.taxtmi.com/caselaws?id=301951 The Bombay High Court considered a challenge to a notice issued under Section 148 of the Income Tax Act for the Assessment Year 2016-2017. The petitioner argued that the notice was based on a change of opinion, which is impermissible. The key issue involved the tax treatment of finished stocks as unsold flats in two projects. The petitioner contended that this issue had been previously raised during assessment proceedings. The Court adjourned the matter to allow the respondent time to seek instructions and emphasized the importance of procedural fairness and proper application of mind by tax authorities in tax assessments. en-us Mon, 10 Jan 2022 00:00:00 +0530 Wed, 27 Apr 2022 21:34:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301951 The Bombay High Court considered a challenge to a notice issued under Section 148 of the Income Tax Act for the Assessment Year 2016-2017. The petitioner argued that the notice was based on a change of opinion, which is impermissible. The key issue involved the tax treatment of finished stocks as unsold flats in two projects. The petitioner contended that this issue had been previously raised during assessment proceedings. The Court adjourned the matter to allow the respondent time to seek instructions and emphasized the importance of procedural fairness and proper application of mind by tax authorities in tax assessments. Case-Laws Income Tax Mon, 10 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301951