https://www.taxtmi.com/caselaws?id=400182 The High Court of Karnataka ruled in favor of the revenue in a case involving the validity of reopening assessments under Section 147 of the Income Tax Act. The Court held that the reopening of assessments beyond the limitation period was justified based on fresh material and the assessee's failure to disclose all relevant facts. The Court emphasized the importance of accurate and timely disclosure of material facts to avoid discrepancies in assessment, ultimately quashing the Tribunal's order and ruling in favor of the revenue. en-us Tue, 13 Oct 2020 00:00:00 +0530 Fri, 30 Oct 2020 11:05:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400182 The High Court of Karnataka ruled in favor of the revenue in a case involving the validity of reopening assessments under Section 147 of the Income Tax Act. The Court held that the reopening of assessments beyond the limitation period was justified based on fresh material and the assessee's failure to disclose all relevant facts. The Court emphasized the importance of accurate and timely disclosure of material facts to avoid discrepancies in assessment, ultimately quashing the Tribunal's order and ruling in favor of the revenue. Case-Laws Income Tax Tue, 13 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400182