https://www.taxtmi.com/caselaws?id=451297 The Bombay HC quashed a reassessment notice issued u/s 147, holding that the AO lacked tangible material to justify reopening. The court found the petitioner had made full and true disclosure of material facts during original assessment. The AO failed to specify what undisclosed facts warranted reassessment and merely sought to take a different view of already disclosed information. Since there was complete disclosure and the AO accepted the transactions under claimed heads, the reopening was invalid. The petition was allowed. en-us Tue, 05 Mar 2024 00:00:00 +0530 Sat, 23 Mar 2024 08:25:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451297 The Bombay HC quashed a reassessment notice issued u/s 147, holding that the AO lacked tangible material to justify reopening. The court found the petitioner had made full and true disclosure of material facts during original assessment. The AO failed to specify what undisclosed facts warranted reassessment and merely sought to take a different view of already disclosed information. Since there was complete disclosure and the AO accepted the transactions under claimed heads, the reopening was invalid. The petition was allowed. Case-Laws Income Tax Tue, 05 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451297