https://www.taxtmi.com/highlights?id=80312 The High Court held that the reopening of the assessment based on a subsequent judgment that the transaction in question was amenable to tax was impermissible. Once an assessment has become final, it cannot be reopened on the basis of a subsequent judgment of the Supreme Court. The department cannot reopen an assessment that stood closed based on the law prevailing at the relevant time. The reassessment initiated on the basis of a subsequent judgment was rendered a colourable exercise of power and without jurisdiction. en-us Sat, 10 Aug 2024 09:04:09 +0530 Sat, 10 Aug 2024 09:04:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80312 The High Court held that the reopening of the assessment based on a subsequent judgment that the transaction in question was amenable to tax was impermissible. Once an assessment has become final, it cannot be reopened on the basis of a subsequent judgment of the Supreme Court. The department cannot reopen an assessment that stood closed based on the law prevailing at the relevant time. The reassessment initiated on the basis of a subsequent judgment was rendered a colourable exercise of power and without jurisdiction. Highlights VAT and Sales Tax Sat, 10 Aug 2024 09:04:09 +0530 https://www.taxtmi.com/highlights?id=80312