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| The Tax Publishers2020 TaxPub(DT) 0547 (Bom-HC) INCOME TAX ACT, 1961
Section 148
Since there was no element of lack of true and full disclosure on the part of assessee, which resulted into any income chargeable to tax escaping assessment and in absence of statutory requirement of income chargeable to tax had escaped assessment due to the failure on the part of assessee, Tribunal correctly held notice of reopening of assessment as invalid.
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Reassessment - Validity - No failure on the part of assessee in disclosing full and true material facts -
Issue arose under consideration as to whether Tribunal was correct in law in holding that the notice issued under section 148 was not valid on ground that AO had not demonstrated the failure of assessee in disclosing material fact. Held: Perusal of reasons recorded by AO would show that Tribunal was perfectly correct in coming to conclusion that notice of reopening of assessment was invalid. There was no element of lack of true and full disclosure on the part of assessee, which resulted into any income chargeable to tax escaping assessment. In absence of statutory requirement of income chargeable to tax had escaped assessment due to failure on the part of assessee, Tribunal correctly held notice of reopening of assessment as invalid.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
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