Reopening of assessment after full and true disclosure of material facts unsustainable

Astec LifeSciences Ltd. Vs ACIT (Bombay High Court) Bombay High Court held that reopening of assessment u/s 147 of the Income Tax Act unsustainable as the assessee has fully and truly disclosed all the material facts. Facts- Petitioner is engaged in the business of manufacturing and trading of agrochemicals and pharmaceutical intermediates. With effect from 6th November 2015 petitioner was acquired by Godrej Group. The matter pertains to Assessment Year 2013-2014. Petitioner is challenging the notice dated 23rd March 2021 issued by respondent no.1 u/s. 148 of the Income Tax Act, 1961 for reope...