Reopening of assessment after full and true disclosure of material facts unsustainable

Astec LifeSciences Ltd. Vs ACIT (Bombay High Court)

Bombay High Court held that reopening of assessment u/s 147 of the Income Tax Act unsustainable as the assessee has fully and truly disclosed all the material facts.

Facts- Petitioner is engaged in the business of manufacturing and trading of agrochemicals and pharmaceutical intermediates. With effect from 6^th November 2015 petitioner was acquired by Godrej Group. The matter pertains to Assessment Year 2013-201

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