In the absence of failure of the assessee to disclose fully and truly all material facts necessary during his assessment under sub-section (3) of section 143 no action can be taken after the expiry of four years

CASE LAWS DETAILS DECIDED BY: HIGH COURT OF BOMBAY, IN THE CASE OF: Indian Oil Corpn. Ltd. Vs. DCIT, APPEAL NO: Writ Petition No. 53 of 2010, DECIDED ON June 10, 2010 JUDGMENT (Per DR.D.Y. CHANDRACHUD, J.) : 1. Rule, by consent returnable forthwith. With the consent of Counsel and at their request the Petition is taken up for hearing and final disposal. 2. These proceedings arise out of Assessment Year 200203. The assessee filed a return of income on 30 October 2002 declaring an income of Rs.2620.22 Crores. In the computation of taxable income, the income from other sources was disclosed to co...