Section 80-IB & 147 of the Income-tax Act, 1961—Reassessment — Reassessment invalid as the material on record establishes that there were full and true disclosures of all material facts necessary for the assessment of the assessee

Facts: . Challenge in this Petition is to the Notice issued under section 148 and the order disposing of the Petitioner's objections to the reopening of the assessment in pursuance of the notice under section 148.

Held, that in order to sustain a notice seeking to reopen assessment beyond normal period of 4 years, it is necessary for the revenue to establish, at least, prima facie that there was failure to disclose fully and truly all material facts necessary for the assessment for that assessment year and in the facts of the present case, the Revenue have failed to establish this precondition even prima facie. Rather, the material on record establishes that there were full and true disclosures of all material facts necessary for the assessment of the Petitioner for the Assessment Year 2012-13, thus, notice issued under section 148 was quashed and set aside. - ANAND DEVELOPERS V/s ASSTT. CIT - [2020] 22 ITCD Online 020 (BOM)