2022 (4) TMI 1548 - HC - Income Tax

Validity of reopening of assessment u/s 147 - Eligibility of reasons to believe - HELD THAT - The issue in this petition is squarely covered by the order passed by this court in Ashraf Alibhai Nathani, Mumbai 2022 (2) TMI 882 - BOMBAY HIGH COURT where petitioner was brother of petitioner herein wherein held that there is nothing to indicate that there was non disclosure by the assessee of any material facts - AO has issued notice before passing assessment order to which Petitioner has responded providing all documents including the share purchase agreement and the AO has passed the assessment order accepting the returned income. Decided in favour of assessee.

Summary

The Bombay High Court allowed the petition, issuing a Writ of Certiorari to quash the impugned notice and order. The judgment was delivered by K.R. Shriram and N. R. Borkar, JJ. No costs were awarded.