AMIT BAJAJ ADVOCATE

Bombay High Court in an important case namely Titanor Components LTD V ACIT  has held that reopening of assessment u/s 147/148 cannot be allowed merely because the assessee has made wrong claim of deduction in the return of income, if there was no faliure on the part of the assessee and no reason to this effect is recorded by the AO in the original assessment order. I have found this judgement as an important one in the context of reopening of assessment under Income Tax Act, hence sharing it herebelow