https://www.taxtmi.com/caselaws?id=340394 The High Court of Bombay considered a petition challenging a notice under Section 148 of the Income Tax Act, 1961, seeking to reopen the assessment for A.Y. 2009-10. The court found discrepancies in the Assessing Officer's understanding regarding the development rights and subsidiary company status. It concluded that the notice was without jurisdiction due to erroneous facts and no failure on the petitioner's part to disclose necessary material facts. Emphasizing the obligation to disclose true facts, the court granted interim stay, highlighting the importance of accurate disclosure during assessment proceedings. en-us Wed, 08 Mar 2017 00:00:00 +0530 Tue, 21 Mar 2017 08:59:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340394 The High Court of Bombay considered a petition challenging a notice under Section 148 of the Income Tax Act, 1961, seeking to reopen the assessment for A.Y. 2009-10. The court found discrepancies in the Assessing Officer's understanding regarding the development rights and subsidiary company status. It concluded that the notice was without jurisdiction due to erroneous facts and no failure on the petitioner's part to disclose necessary material facts. Emphasizing the obligation to disclose true facts, the court granted interim stay, highlighting the importance of accurate disclosure during assessment proceedings. Case-Laws Income Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340394