Section 148 Reopening unsustainable as material facts fully & truly disclosed: Madras HC

Prabhu Spinning Mills Private Limited Vs JCIT (Madras High Court) Madras High Court held that re-opening u/s. 148 read with section 147 of the Income Tax Act not sustained as there is no failure on the part of assessee to fully and truly disclosure all the material facts. Thus, notice and order quashed. Facts- The petitioner has challenged the impugned notice dated 28.03.2021 issued under Section 148 of the Income Tax Act for the assessment year 2013-14. The petitioner has also challenged the consequential speaking order dated 29.07.2021, overruling the objection of the petitioner against re- ...