Summary
- The Bombay High Court quashed the reassessment notice against Castrol India Ltd., ruling that it was based solely on a change of opinion and lacked fresh tangible material.
- The case involved the company's CSR expenditure and deductions claimed under Section 80G for the Assessment Year 2017-18, which had already been scrutinized in the original assessment.
- The court emphasized that reassessment cannot occur merely due to differing views from the Assessing Officer after a thorough examination of relevant documents.
- This ruling reinforces the principle that reopening assessments requires new evidence, potentially impacting future tax reassessments across similar cases.
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