HC gives green signal on reopening of I-T assessment
The validity of reopening an income tax (I-T) assessment has to be determined on the basis of the law as it stands on the date of reopening and not on the basis of a retrospective amendment in the law, the Bombay High Court has said.
The recent court order came in a case involving Rallis India and assistant commissioner of income tax.
Source www.forum4finance.com