https://www.taxtmi.com/caselaws?id=185955 The Tribunal quashed the reassessment proceedings initiated under section 147, finding them invalid due to the retrospective amendment not being applicable at the time of the original assessment where the assessee had fully disclosed all material facts. Consequently, the reassessment proceedings were quashed, rendering the issue of the quantum of addition moot. The Tribunal allowed the cross objections by the assessee and dismissed the revenue's appeals as infructuous, emphasizing that reassessment based on retrospective amendments after four years is invalid if all material facts were disclosed initially. en-us Wed, 15 Jun 2011 00:00:00 +0530 Sat, 03 Sep 2016 12:42:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185955 The Tribunal quashed the reassessment proceedings initiated under section 147, finding them invalid due to the retrospective amendment not being applicable at the time of the original assessment where the assessee had fully disclosed all material facts. Consequently, the reassessment proceedings were quashed, rendering the issue of the quantum of addition moot. The Tribunal allowed the cross objections by the assessee and dismissed the revenue's appeals as infructuous, emphasizing that reassessment based on retrospective amendments after four years is invalid if all material facts were disclosed initially. Case-Laws Income Tax Wed, 15 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185955