Reassessment proceedings unsustainable as full and true material facts provided

DCIT Vs Fornax Real Estate Ltd. (ITAT Mumbai) ITAT Mumbai held that re-assessment under section 147 of the Income Tax Act not sustainable as assessee duly provided full and true material facts necessary for the assessment. Facts- The AO vide order dated 30/12/2019, passed under section 143(3) r/w section 147 of the Act held that the assessee has failed to substantiate that the income shown by the assessee in its profit and loss account pertains to its business activity of development of real estate. The AO disallowed the business expenditure claimed by the assessee in the absence of any busine...