https://www.taxtmi.com/caselaws?id=768054 Bombay HC quashed reassessment proceedings under Section 147 initiated within four years of the relevant assessment year. The court held that reasons for reopening were recorded without examining petitioner's records and without application of mind. On substantive issues, the court found that matters concerning wage revision provision under Section 115JB, interest on non-performing investments for book profit calculation, and deductions under Section 36(1)(viia) were already examined during original assessment proceedings. The reassessment amounted to impermissible review based on change of opinion rather than escaped income. en-us Mon, 24 Mar 2025 00:00:00 +0530 Sat, 29 Mar 2025 08:15:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768054 Bombay HC quashed reassessment proceedings under Section 147 initiated within four years of the relevant assessment year. The court held that reasons for reopening were recorded without examining petitioner's records and without application of mind. On substantive issues, the court found that matters concerning wage revision provision under Section 115JB, interest on non-performing investments for book profit calculation, and deductions under Section 36(1)(viia) were already examined during original assessment proceedings. The reassessment amounted to impermissible review based on change of opinion rather than escaped income. Case-Laws Income Tax Mon, 24 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768054