Court Rules Full Disclosure of Material Facts Essential for Invoking Jurisdiction Under Section 147: Bombay High Court

In a significant ruling, the court has quashed a reassessment notice issued under Section 147 of the Income Tax Act, favoring the Petitioner, Ashwini Vallakati. This decision highlights the court's stance on procedural correctness and the necessity of substantive grounds for initiating reassessment. Case Details: 1. Background of the Case: Ashwini Vallakati, the Petitioner, contested a reassessment notice issued on March 31, 2021, for the financial year ending on March…