Gujarat HC quashes Income Tax Reassessment Proceedings initiated after 4 years on Deduction Claim u/s

The Gujarat High Court quashed Income Tax reassessment proceedings initiated more than 4 years after the deduction claim u/s 80IA(4)(iv). The court held that the claim fell within the ambit of 'change of opinion' and lacked fresh tangible material for reopening. The ruling underscores the necessity for tax authorities to adhere strictly to statutory timelines and provide valid reasons for reassessment beyond the stipulated period. Such cases highlight the judicial scrutiny over reassessment attempts, emphasizing compliance with procedural fairness in tax matters.