https://www.taxtmi.com/caselaws?id=764762 The Bombay HC quashed a reassessment notice issued beyond four years under Section 147. The court held that the Assessing Officer failed to satisfy jurisdictional conditions as the reasons recorded did not specify what material facts the assessee failed to disclose. The reassessment was based on the same case records filed by the assessee during original assessment proceedings. The court ruled that reopening assessment after four years without identifying undisclosed material facts from sources outside assessment records lacks jurisdiction and amounts to impermissible review of the original assessment order. en-us Wed, 15 Jan 2025 00:00:00 +0530 Fri, 17 Jan 2025 08:45:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764762 The Bombay HC quashed a reassessment notice issued beyond four years under Section 147. The court held that the Assessing Officer failed to satisfy jurisdictional conditions as the reasons recorded did not specify what material facts the assessee failed to disclose. The reassessment was based on the same case records filed by the assessee during original assessment proceedings. The court ruled that reopening assessment after four years without identifying undisclosed material facts from sources outside assessment records lacks jurisdiction and amounts to impermissible review of the original assessment order. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764762