Dismissing the appeal of the revenue the Court held that ,reassessment on the basis of finding in case of another assessee is held to be bad in law . Even in recorded reason the AO has not linked any material and the assessment order in Abode Builders was set aside by CIT(A). As there was no failure to disclose material facts . Reassessment is held to be bad in law. ( AY. 2004 -05)( ITA No. 678 of 2016 dt. 27 -11-2018) Arising in ITA No. 5584/ Mum/ 2012 dt 15-07 -2015)
PCIT v. Vaman Estate (2020) 113 taxmann.com 405 ( Bom) (HC) Editorial : SLP of revenue is dismissed ; PCIT v. Vaman Estate. (2020) 269 Taxman 196 (SC)
S.147: Reassessment-After the expiry of four years- Finding in case of another assessee- No failure to disclose material facts – Reassessment is not valid. [ S. 80IB(10),148 ]