https://www.taxtmi.com/caselaws?id=771875 ITAT Mumbai set aside Section 148 notice issued after four years from assessment year end, finding no failure by assessee to disclose material facts. The assessee had furnished all transaction details during original assessment proceedings. Purchase and sale transactions mentioned in contract notes were already reflected in profit and loss account. AO erroneously added entire sales amount without deducting purchases, when only profit element was taxable and already disclosed. Appeal allowed on both jurisdictional and merit grounds. en-us Thu, 20 Mar 2025 00:00:00 +0530 Sat, 31 May 2025 08:47:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771875 ITAT Mumbai set aside Section 148 notice issued after four years from assessment year end, finding no failure by assessee to disclose material facts. The assessee had furnished all transaction details during original assessment proceedings. Purchase and sale transactions mentioned in contract notes were already reflected in profit and loss account. AO erroneously added entire sales amount without deducting purchases, when only profit element was taxable and already disclosed. Appeal allowed on both jurisdictional and merit grounds. Case-Laws Income Tax Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771875