Reassessment Beyond 4 Years Requires failure to disclose material facts: Bombay HC

Crystal Pride Developers Vs ACIT (Bombay High Court) In a recent ruling, the Bombay High Court addressed the legality of reassessment proceedings initiated beyond the prescribed four-year period under Section 147 of the Income Tax Act, 1961. The case, Crystal Pride Developers vs ACIT, revolves around a notice issued under Section 148 of the IT Act by the Assessing Officer, challenging the assessment for the Assessment Year (A.Y.) 2014-15. The petitioner, Crystal Pride Developers, contested the validity of the notice dated March 27, 2021, and the subsequent order dated March 29, 2022, passed un...