https://www.taxtmi.com/caselaws?id=215056 The court ruled in favor of the assessee, emphasizing the significance of complete disclosure of material facts for assessment purposes. It clarified the interpretation of Section 147 of the Income Tax Act regarding reassessment notices, highlighting that a notice under Section 148 cannot be issued after four years if there has been a true disclosure of all material facts. The judgment also addressed the application of tax exemption provisions in industrial units and the time limit for issuing reassessment notices under Section 149, ultimately providing clarity on these aspects of the law. en-us Mon, 18 Jun 2012 00:00:00 +0530 Mon, 23 Jul 2012 08:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215056 The court ruled in favor of the assessee, emphasizing the significance of complete disclosure of material facts for assessment purposes. It clarified the interpretation of Section 147 of the Income Tax Act regarding reassessment notices, highlighting that a notice under Section 148 cannot be issued after four years if there has been a true disclosure of all material facts. The judgment also addressed the application of tax exemption provisions in industrial units and the time limit for issuing reassessment notices under Section 149, ultimately providing clarity on these aspects of the law. Case-Laws Income Tax Mon, 18 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215056