https://www.taxtmi.com/caselaws?id=421916 Reassessment after four years from the end of the relevant assessment year is not valid unless the recorded reasons show that the assessee failed to fully and truly disclose all material facts necessary for assessment. Where the reopening is based on the same profit and loss account, balance sheet, and other material already examined in the original scrutiny assessment, it amounts to a change of opinion on existing facts. In such circumstances, the reassessment notice cannot be sustained and is liable to be quashed. en-us Tue, 26 Apr 2022 00:00:00 +0530 Wed, 04 May 2022 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421916 Reassessment after four years from the end of the relevant assessment year is not valid unless the recorded reasons show that the assessee failed to fully and truly disclose all material facts necessary for assessment. Where the reopening is based on the same profit and loss account, balance sheet, and other material already examined in the original scrutiny assessment, it amounts to a change of opinion on existing facts. In such circumstances, the reassessment notice cannot be sustained and is liable to be quashed. Case-Laws Income Tax Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421916