Bombay HC voids reassessment notice for lack of proof of undisclosed material

Hindustan Lever Ltd. Vs R.B. Wadkar (Bombay High Court) Bombay High Court has quashed a notice of reassessment issued to Hindustan Lever Ltd. under Section 148 of the Income-tax Act, 1961, for the assessment year 1997-98. The court determined that the notice was issued without jurisdiction, as the Assessing Officer failed to establish that the assessee had not fully and truly disclosed all material facts necessary for the assessment. The case centered on the treatment of stamp duty paid by Hindustan Lever Ltd. following the amalgamation of Brooke Bond Lipton India Ltd. The company had apportio...