No Extended Period to Reopen Income Tax Assessment after 10 months from Limitation: Bombay HC

The Bombay High Court has ruled that the Income Tax Department cannot reopen assessments after 10 months from the expiry of the limitation period under the Income Tax Act. This ruling emphasizes that the statutory timeline for reopening assessments must be strictly adhered to, and any attempt to extend this period without proper justification is not permissible. The case arose from an attempt to reassess income for a year beyond the prescribed time frame, and the Court's decision is seen as a victory for taxpayers, ensuring that the tax authorities are bound by the limitations set forth in the law.