ACIT v. Dhruv Khaitan (Mum.)(Trib.) ACIT v. Archana Kahitan (Mrs.) ( Mum.)(Trib.)

S. 147 : Reassessment-After the expiry of four years-Capital gains- Cost of acquisition -In absence of fresh tangible material and in the absence of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment- Reassessment is held to be in valid. [S. 45, 49, 68, 148]

Allowing the cross objection of the assessee the Tribunal held that, in absence of fresh tangible material and in the absence of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. Reassessment is held to be in valid (ITA NO 583 /Mum/2016 dt 18 -1-2019, ITA NO 584/Mum/2016 dt 18 -1 -2019 (AY. 2006 -07)