Bombay High Court Quashes Reopening of Assessment Under Section 147 of Income Tax Act, 1961 for Lack of Failure to Disclose Material Facts. Assessee's claim for deduction under Section 80HHC for export of trading goods was based on full disclosure in return and audit report, and reopening beyond four years without fresh tangible material was invalid.
25 Jun 2010The petitioner, Prashant Projects Limited, challenged the reopening of its assessment for assessment year 2002-2003 under Section 147 of the Income Ta...
