https://www.taxtmi.com/caselaws?id=408875 The Court ruled in favor of the petitioner, quashing the order rejecting reasons for reopening assessment under Section 147 of the Income Tax Act. The petitioner, engaged in the business of lifts, escalators, and software export, claimed exemption under Section 10B based on STPI approval, which the Assessing Officer had accepted during the original assessment. The Court held that as the petitioner had disclosed all relevant details and possessed valid STPI approval, the reopening beyond four years was not sustainable. Compliance with statutory requirements for reopening assessments and full disclosure of material facts during the original assessment process were emphasized. en-us Wed, 16 Jun 2021 00:00:00 +0530 Wed, 23 Jun 2021 10:22:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408875 The Court ruled in favor of the petitioner, quashing the order rejecting reasons for reopening assessment under Section 147 of the Income Tax Act. The petitioner, engaged in the business of lifts, escalators, and software export, claimed exemption under Section 10B based on STPI approval, which the Assessing Officer had accepted during the original assessment. The Court held that as the petitioner had disclosed all relevant details and possessed valid STPI approval, the reopening beyond four years was not sustainable. Compliance with statutory requirements for reopening assessments and full disclosure of material facts during the original assessment process were emphasized. Case-Laws Income Tax Wed, 16 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408875