Reopening on reasoning that another director has disclosed income differently is unsustainable

Deepak Marda Vs ITO (Bombay High Court) Bombay High Court held that in the present case there is full and true disclosure on the part of the petitioner. Reopening of assessment, on the ground that another director of the same company has disclosed the income differently is evidently a change of opinion and unsustainable in law. Facts- In 2007 petitioner had collaborated with the Cinepolis Group to set up Cinepolis India and had acquired certain shares and irrevocable vested rights to equity in Cinepolis India. In F.Y. 2013-14, the petitioner transferred the equity shares and rights in Cinepoli...