The Bombay High Court has quashed the reopening of income tax assessments after 4 years merely on the change of opinion of the Assessing Officer (AO).
The bench of Justice K. R. Shriram and Justice Firdosh P. Pooniwalla observed that the Assessing Officer had in his possession all primary facts, and it was for him to draw a proper inference as to whether the brought forward unabsorbed depreciation should be adjusted against capital gains or profession. There was nothing more to disclose, and a person cannot be said to have omitted or failed to disclose something of which he had no knowledge
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