Allowing the petition the Court held that in the reasons for the reopening of the assessment the Assessing Officer had merely stated that the assessee had failed to disclose fully and truly all the material facts necessary for its assessment for the assessment year 2012-13. The Assessing Officer had based his assessment on the books of account and arrived at the conclusion that the assessee had incurred long-term capital loss and had allowed such long-term capital loss while completing the assessment under section 143(3) . The notice of reassessment after four years to disallow the loss was not valid. Followed Ananta Land Mark Pvt Ltd v. Dy .CIT ( 2021 ) 439 ITR 168 ( Bom) ( HC) (AY.2012-13)
Hindustan Unilever Ltd. v .Dy. CIT (2021)439 ITR 333/(2022) 284 Taxman 252 / 212 DTR 323/ 326 CTR 325 (Bom) (HC)
S.147: Reassessment – After the expiry of four years – Loss disclosed and allowed in original assessment – No failure to disclose material facts – Notice to withdrawal of loss allowed – Held to be not valid [ S. 143(3), 148 , Art , 226 ]