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Reassessment After 4 Years Quashed as No Failure to Disclose Material Facts: Bombay HC
Case Law Details
- Case Name
- GSTAAD Hotels Pvt. Ltd. Vs ACIT (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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GSTAAD Hotels Pvt. Ltd. Vs ACIT (Bombay High Court)
High Court quashes reassessment proceedings, holding that the first proviso to Section 147 is not satisfied as there was no failure on the assessee’s part to disclose material facts
Facts:
The Petitioner, Gstaad Hotels Pvt. Ltd., constructed a hotel of over two-star category and handed it over to JW Marriott for operation. For the purpose of construction of the said hotel, the Petitioner incurred capital expenditure amounting to Rs. 639,73,36,790/-, which was claimed as a deduction under Section 35AD of the Income Tax Act, 1961 in its ret...
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