https://www.taxtmi.com/caselaws?id=78909 The High Court upheld the Tribunal's decision to quash the reassessment order under Section 147 of the Income Tax Act for Assessment Year 1997-1998. The Court emphasized that the reassessment was time-barred as the four-year period had lapsed. It was noted that the AO failed to establish the assessee's failure to disclose all material facts necessary for assessment, as required by the first proviso to Section 147. The Court dismissed the appeal, highlighting the thoroughness of the original assessment and the lack of evidence of non-disclosure by the assessee. en-us Mon, 13 Sep 2010 00:00:00 +0530 Tue, 06 Sep 2011 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78909 The High Court upheld the Tribunal's decision to quash the reassessment order under Section 147 of the Income Tax Act for Assessment Year 1997-1998. The Court emphasized that the reassessment was time-barred as the four-year period had lapsed. It was noted that the AO failed to establish the assessee's failure to disclose all material facts necessary for assessment, as required by the first proviso to Section 147. The Court dismissed the appeal, highlighting the thoroughness of the original assessment and the lack of evidence of non-disclosure by the assessee. Case-Laws Income Tax Mon, 13 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78909