Dismissing the appeal of the revenue the Court held that; there was no failure on part of assessee to disclose truly and fully all material facts. Accordingly the reassessment is rightly quashed by the Tribunal. (AY.2001-02)
PCIT v. State Bank of Saurashtra (2019) 260 Taxman 194 (Bom.)(HC)
S. 147 : Reassessment-After the expiry of four years-Interest income – Accrual- No failure to disclose material facts–Reassessment is bad in law. [ S. 5, 148]