AO Can't Reopen Assessment Beyond Period Of Four Years When There Was Full Disclosure By Assessee: Mumbai ITAT

On finding that the reopening of the assessment is beyond the time limit provided under the proviso to Section 147 of the Income Tax Act, the Mumbai ITAT quashed the order of disallowance passed by the AO for disallowing the interest paid for acquisition of the property from computation of short-term capital gain. The Bench of Amit Shukla (Judicial Member) and S Rifaur Rahman...