Failure TO Disclose All Material Facts Fully & Truly During Original Assessment Is Vital For Invoking Jurisdiction U/s 147: Bombay HC

The Bombay High Court has ruled that failure to disclose all material facts fully and truly during the original assessment is critical for invoking jurisdiction under Section 147 of the Income Tax Act. This ruling highlights the importance of complete and accurate disclosure by taxpayers to avoid reopening of assessments and underscores the principle that non-disclosure can have significant implications for tax liabilities and legal proceedings.