https://www.taxtmi.com/caselaws?id=423606 The Appellate Tribunal ITAT Chennai ruled in favor of the assessee, setting aside the reassessment order under section 147 of the Income Tax Act, 1961. The Tribunal held that the Assessing Officer failed to establish non-disclosure of material facts necessary for assessment and that the conditions for reopening were not met. Emphasizing the importance of full disclosure and citing legal precedents, the Tribunal quashed the reassessment order, dismissing the Revenue's appeal on the merits. en-us Wed, 08 Jun 2022 00:00:00 +0530 Fri, 10 Jun 2022 08:25:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423606 The Appellate Tribunal ITAT Chennai ruled in favor of the assessee, setting aside the reassessment order under section 147 of the Income Tax Act, 1961. The Tribunal held that the Assessing Officer failed to establish non-disclosure of material facts necessary for assessment and that the conditions for reopening were not met. Emphasizing the importance of full disclosure and citing legal precedents, the Tribunal quashed the reassessment order, dismissing the Revenue's appeal on the merits. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423606