Bombay High Court: Quashed Reassessment; No Failure On Citibank To Disclose Income

The Bombay High Cour tin the case observed and has held that where the notice has been issued after the expiration of four years, the onus lies on the Assessing Officer to show that the income chargeable to tax has escaped assessment by reason of the failure which being on the part of the assessee in order to disclose fully and truly all the material facts which are necessary for its assessment for that assessment year.

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The bench comprising of Justice K. R. Shriram and Justice M. M. Sathaye in the case observed and has stated that is not even a whisper in the reasons in order to believe that there was any such failure on the part of CitiBank to disclose fully and truly all material all the facts which are necessary for its assessment.

In the present case, the petitioner or assessee being the body corporate which is incorporated in the United States of America and has been carrying on business in India through its branches.