https://www.taxtmi.com/highlights?id=74611 Reopening of assessment u/s 147 - Reopening based on audit objections - reasons to believe - High Court observed that, reopening an assessment beyond four years requires not only a reason to believe that income has escaped assessment but also a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. - Accordingly, High Court held that, the reasons for reopening were not in compliance with the proviso to Section 147 of the Act and, therefore, quashed the notice and order. en-us Sat, 03 Feb 2024 08:26:16 +0530 Sat, 03 Feb 2024 08:26:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74611 Reopening of assessment u/s 147 - Reopening based on audit objections - reasons to believe - High Court observed that, reopening an assessment beyond four years requires not only a reason to believe that income has escaped assessment but also a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. - Accordingly, High Court held that, the reasons for reopening were not in compliance with the proviso to Section 147 of the Act and, therefore, quashed the notice and order. Highlights Income Tax Sat, 03 Feb 2024 08:26:16 +0530 https://www.taxtmi.com/highlights?id=74611