https://www.taxtmi.com/caselaws?id=765430 The HC quashed the reopening of assessment u/s 147 regarding foreign exchange loss and premium on forward contracts. The petitioner had provided all required information about foreign currency transactions and claimed deductions u/s 37 during the original assessment proceedings. The court held that merely because no specific opinion was expressed in the assessment order doesn't mean the assessing officer failed to form an opinion on the issues raised. Since the foreign exchange matters were already considered during the original assessment completed on 17.12.2018, reopening was invalid. The writ petition was allowed and the impugned order was set aside. en-us Thu, 09 Jan 2025 00:00:00 +0530 Mon, 15 Jun 2026 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765430 The HC quashed the reopening of assessment u/s 147 regarding foreign exchange loss and premium on forward contracts. The petitioner had provided all required information about foreign currency transactions and claimed deductions u/s 37 during the original assessment proceedings. The court held that merely because no specific opinion was expressed in the assessment order doesn't mean the assessing officer failed to form an opinion on the issues raised. Since the foreign exchange matters were already considered during the original assessment completed on 17.12.2018, reopening was invalid. The writ petition was allowed and the impugned order was set aside. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765430