https://www.taxtmi.com/caselaws?id=196787 The ITAT held that the reassessment proceedings under Section 147 for AY 2006-07, based on share application money from specific entities, were invalid. It found that the assessee had disclosed all material facts during the original assessment, and the reopening was beyond the permissible four-year period. Emphasizing the need for a failure to disclose material facts for reassessment, the ITAT ruled in favor of the assessee, setting aside the reassessment. The appeal was allowed, making other grounds irrelevant. en-us Wed, 25 Jan 2017 00:00:00 +0530 Thu, 14 Dec 2017 21:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196787 The ITAT held that the reassessment proceedings under Section 147 for AY 2006-07, based on share application money from specific entities, were invalid. It found that the assessee had disclosed all material facts during the original assessment, and the reopening was beyond the permissible four-year period. Emphasizing the need for a failure to disclose material facts for reassessment, the ITAT ruled in favor of the assessee, setting aside the reassessment. The appeal was allowed, making other grounds irrelevant. Case-Laws Income Tax Wed, 25 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196787