The reopening of assessment proceedings was quashed by the High Court as the income was declared in the Income Tax Return(ITR).
The Bombay High Court has quashed the re-opening of assessment under section 147 of the Income Tax Act, 1961 as the income was already declared in the Income Tax Return filed by the assessee and there is no failure in disclosing fact. Sri Shanmukhananda Fine Arts and Sangeetha Sabha, the petitioner is a Society engaged…
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