https://www.taxtmi.com/caselaws?id=244015 The ITAT allowed the appeals for Assessment Years 2004-05 and 2005-06, holding that the reassessment proceedings were barred by limitation and lacked evidence of non-disclosure of material facts by the assessee. The ITAT emphasized the importance of disclosing material facts for assessment and preventing arbitrary reopening of concluded assessments, in line with judicial precedents. Consequently, the reassessment orders for both years were quashed, ruling in favor of the appellant in both cases. en-us Wed, 12 Feb 2014 00:00:00 +0530 Sat, 15 Feb 2014 16:10:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244015 The ITAT allowed the appeals for Assessment Years 2004-05 and 2005-06, holding that the reassessment proceedings were barred by limitation and lacked evidence of non-disclosure of material facts by the assessee. The ITAT emphasized the importance of disclosing material facts for assessment and preventing arbitrary reopening of concluded assessments, in line with judicial precedents. Consequently, the reassessment orders for both years were quashed, ruling in favor of the appellant in both cases. Case-Laws Income Tax Wed, 12 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244015