Bombay High Court Quashes Reopening Notice in Income Tax Case for Lack of Full and True Disclosure — Reassessment Beyond Four Years Invalid Without Failure to Disclose Material Facts. The court held that the proviso to Section 147 of the Income Tax Act, 1961 requires a failure to disclose fully and truly all material facts for reopening beyond four years, and mere change of opinion is insufficient.
18 Jun 2010The petitioner, M/s. Hindustan Petroleum Corporation Limited, a public sector oil company, filed a writ petition challenging a notice dated 23 March 2...
