The assessment of the petitioner was completed u/s 143(3) of the Act. During the assessment proceedings valuation report was sought and valuation by the Chartered Accountant was submitted.  Notice has been issued after the expiry of four years from the end of relevant assessment year.   On writ allowing the petition the Court held that the proviso to Section 147 of the Act is applicable and it is for respondents to show that there has been escapement of income due to failure on the part of the assessee to truly and fully disclose material fact required for assessment during the assessment year. On the facts during the assessment proceedings valuation report was sought and valuation by the Chartered Accountant was submitted which was not disputed or denied. Not only the petitioner had disclosed all information but respondent had also raised queries during the course of assessment proceedings and passed an assessment order under Section 143(3) of the Act. The Court quashed and set aside the notice issued and the order.  Referred   Aroni Commercial Ltd. v. Dy. CIT  (2014) 362 ITR 403/ 224 Taxman 13/  44 taxmann.com 304 (Bom)(HC) (WP No. 391of 2022 dt  2-5-2022) (AY.  2014-15)

Naroli Resorts Private Limited v. ACIT (Bom.)(HC)(UR)