2018 (8) TMI 2012 - ITAT MUMBAI

Validity of reopening of assessment u/s 147/148 after a period of four years - HELD THAT:- Since, there was no new tangible material available with the AO while resorting to section 147/148 of the Act, more specifically, while framing original assessment u/s 143(3) of the Act, there was full disclosure of material facts by the assessee and on the basis of those facts, assessment was completed u/s 143(3) of the Act.

The Hon'ble jurisdictional High Court in a later decision dated 18/01/2016 in Nirmal Bang Securities Pvt. Ltd. vs ACIT [2016 (1) TMI 947 - BOMBAY HIGH COURT] on the issue of reopening u/s 147/148 held that the notice issued u/s 148 of the Act cannot be sustained as the same is without jurisdiction, therefore, we find no infirmity in the conclusion drawn by the Ld. Commissioner of Income Tax (Appeal). Appeal of the Revenue is dismissed.