Reassessment beyond four years to be handled under Rajeev Bansal principles, with objections decided according to that ruling

Reopening of assessment beyond four years and objections under section 147 are to be dealt with in accordance with the Supreme Court's ruling in Union of India v. Rajeev Bansal. The Revenue's SLP was disposed of as covered by that judgment, and assessing officers were directed to decide objections consistently with the law laid down there. The assessee was left free to pursue available remedies, except on matters already concluded by that judgment.

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Outcome: The Special Leave Petition filed by the Revenue was disposed of as covered by the earlier judgment governing the assessee's case.

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