TMI BlogReopening of assessment u/s 147 - Reopening based on audit objections - reasons to believe - High Court...Reopening of assessment u/s 147 - Reopening based on audit objections - reasons to believe - High Court observed that, reopening an assessment beyond four years requires not only a reason to believe that income has escaped assessment but also a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. - Accordingly, High Court held that, the reasons for reopening were not in compliance with the proviso to Section 147 of the Act and, therefore, quashed the notice and order. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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