https://www.taxtmi.com/caselaws?id=266838 The ITAT Mumbai ruled in favor of the appellant, setting aside the notice u/s. 148 and the assessment order. Emphasizing the importance of full disclosure of material facts, the ITAT held that there was no failure on the part of the appellant to disclose necessary information for assessment. Referring to legal precedents, the ITAT highlighted that the power to reopen assessments does not extend to correcting previous mistakes unless there is a failure to disclose material facts. The decision underscored the significance of meeting legal requirements for reopening assessments and the consequences of inadequate disclosure of material facts. en-us Thu, 10 Sep 2015 00:00:00 +0530 Mon, 26 Oct 2015 00:46:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266838 The ITAT Mumbai ruled in favor of the appellant, setting aside the notice u/s. 148 and the assessment order. Emphasizing the importance of full disclosure of material facts, the ITAT held that there was no failure on the part of the appellant to disclose necessary information for assessment. Referring to legal precedents, the ITAT highlighted that the power to reopen assessments does not extend to correcting previous mistakes unless there is a failure to disclose material facts. The decision underscored the significance of meeting legal requirements for reopening assessments and the consequences of inadequate disclosure of material facts. Case-Laws Income Tax Thu, 10 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266838