https://www.taxtmi.com/caselaws?id=329731 The Bombay High Court upheld the Tribunal's decision in a case concerning the validity of proceedings initiated under sections 147/148 of the Income Tax Act after the 4-year limit from the end of the relevant assessment year had expired. The Court ruled in favor of the Respondent-Assessee, a Civil Contractor, stating that there was no failure to disclose material facts during the original assessment proceedings. The Court deemed the reopening notice as a case of impermissible change of opinion and dismissed the appeal, emphasizing the importance of full disclosure during assessments and the limitations on reopening assessments beyond the prescribed time limit. en-us Tue, 28 Jun 2016 00:00:00 +0530 Fri, 08 Jul 2016 14:08:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329731 The Bombay High Court upheld the Tribunal's decision in a case concerning the validity of proceedings initiated under sections 147/148 of the Income Tax Act after the 4-year limit from the end of the relevant assessment year had expired. The Court ruled in favor of the Respondent-Assessee, a Civil Contractor, stating that there was no failure to disclose material facts during the original assessment proceedings. The Court deemed the reopening notice as a case of impermissible change of opinion and dismissed the appeal, emphasizing the importance of full disclosure during assessments and the limitations on reopening assessments beyond the prescribed time limit. Case-Laws Income Tax Tue, 28 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329731