Tuesday, July 28, 2020

Assessing Officer can’t Reopen Assessment merely on the basis of Change of Opinion: ITAT

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that the Assessing Officer (AO) cannot reopen the assessment merely on the basis of change of opinion and directed the AO to restrict the disallowance in respect of excess raw material wastage. The assessee company, M/s Medley Pharmaceuticals Ltd. which is engaged in the business of […]

from Taxscan | Simplifying Tax Laws https://ift.tt/333qlFI

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