[Income Tax Act] Reassessment Beyond 4 Years Requires Specific Non-Disclosure By Assessee, Not Mere Allegations: Bombay High Court
The Bombay Excessive Courtroom acknowledged that reassessment underneath Part 147 Revenue Tax Act past 4 years requires particular non-disclosure by assessee, not mere bald allegations. Part 147 of the Revenue Tax Act, 1961 offers for the reopening of evaluation proceedings. This part provides discretion to the Assessing Officer (AO) to reopen the evaluation proceedings when…