https://www.taxtmi.com/caselaws?id=456100 The Bombay HC set aside a reassessment notice issued beyond the four-year limitation period under Section 147 of the Income Tax Act. The petitioner had disclosed trading in Finalysis shares and provided documents when queried under Section 142(1). The court found no evidence that the petitioner was involved in share price rigging or failed to truly and fully disclose material facts. Since the capital gains issue was under active consideration by the Assessing Officer and there was no failure to disclose, the threshold for reopening assessment beyond four years was not met. The case was decided in favor of the assessee. en-us Wed, 27 Apr 2022 00:00:00 +0530 Fri, 28 Jun 2024 08:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456100 The Bombay HC set aside a reassessment notice issued beyond the four-year limitation period under Section 147 of the Income Tax Act. The petitioner had disclosed trading in Finalysis shares and provided documents when queried under Section 142(1). The court found no evidence that the petitioner was involved in share price rigging or failed to truly and fully disclose material facts. Since the capital gains issue was under active consideration by the Assessing Officer and there was no failure to disclose, the threshold for reopening assessment beyond four years was not met. The case was decided in favor of the assessee. Case-Laws Income Tax Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456100