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of <h1>Bombay High Court Quashes Income Tax Reassessment Notice for 2016-2017 Due to Procedural Non-compliance u/s 148.</h1> A non-banking finance company challenged an income tax reassessment notice for the 2016-2017 assessment year, issued under Section 148 of the Income Tax Act 1961. The Bombay High Court examined the validity of the notice, focusing on whether expenses were capital or revenue, the adequacy of initial disclosure, and procedural adherence. The Court invalidated the notice due to its issuance beyond the permissible period and lack of required approval. The ruling emphasizes strict compliance with procedural requirements and distinguishes between legitimate reassessment and a change of opinion, providing guidance for both tax authorities and taxpayers.
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