TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Bombay High Court rules income tax assessment cannot be reopened after four years without new information u/s 57.</h1> The Bombay High Court addressed whether an income tax officer could reopen an assessment after four years. The petitioner had taken a substantial loan and claimed a deduction under Section 57 of the Income Tax Act, which the assessing officer contested, asserting the deduction should fall under Section 37(1). The court found that the petitioner had fully disclosed all material facts during the original assessment, and no new information justified reopening the case. The court ruled that the conditions for reassessment were not met, quashing the notice to reopen the assessment for the year 2012-2013.
TaxTMI 
TaxTMI 