Case Law Analysis
|Bombay High Court
Section 80-IA IT Act | Reassessment Beyond Four Years Invalid Without 'Enterprise' Ownership Misinterpretation : Bombay HC
Bombay High Court rules that reassessment under Section 148 of the Income Tax Act is invalid beyond four years if based on a misinterpretation of 'enterprise' ownership under Section 80-IA. The absence of failure to disclose material facts or escapement of income due to such misinterpretation bars reassessment, impacting tax authorities' powers in similar cases.