Mathematical Errors cannot be said to be Failure to Disclose Material Facts: ITAT Ahmedabad

Mehsana Urban Co-op. Bank Ltd. Vs ACIT (ITAT Ahmedabad) Introduction: In the case of Mehsana Urban Co-op. Bank Ltd. vs ACIT, heard by the Income Tax Appellate Tribunal (ITAT) Ahmedabad, the validity of a reassessment under section 147 of the Income Tax Act, 1961, was challenged. The case involved disputes over deductions and disallowances for assessment years 2012-13, 2017-18, and 2018-19. The primary parties were the assessee, Mehsana Urban Co-op. Bank Ltd., and the revenue authority represented by the Assistant Commissioner of Income Tax (ACIT). The legal issue revolved around the jurisdict...