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Reassessment initiated merely on basis of an audit objection not valid: HC

April 5, 2022[2022] 136 taxmann.com 305 (Bombay)/[2022] 286 Taxman 324 (Bombay)

INCOME TAX : Where reassessment notice was issued after expiry of four year merely on basis of audit objection that assessee debited certain amount of security deposit against interest income and security deposit being capital in nature would not be allowed under section 37(1), since assessee provided explanation that amount represented interest expenditure incurred for security deposit, said reassessment was based on mere change of opinion and was to be quashed

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