Reassessment After 4 Years Quashed as No Failure to Disclose Material Facts: Bombay HC

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...