https://www.taxtmi.com/caselaws?id=429065 The Appellate Tribunal allowed the appeal filed by the assessee, quashing the reassessment initiated by the Revenue for the assessment year 2011-12 under section 147 of the Income-Tax Act. The Tribunal held that the reassessment was not legally sustainable as there was no failure on the part of the assessee to disclose material facts during the original assessment. Emphasizing the importance of adhering to legal provisions, the Tribunal concluded that the reopening of assessment beyond four years without establishing any failure to disclose material facts rendered the reassessment invalid. en-us Mon, 19 Sep 2022 00:00:00 +0530 Tue, 18 Oct 2022 08:49:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429065 The Appellate Tribunal allowed the appeal filed by the assessee, quashing the reassessment initiated by the Revenue for the assessment year 2011-12 under section 147 of the Income-Tax Act. The Tribunal held that the reassessment was not legally sustainable as there was no failure on the part of the assessee to disclose material facts during the original assessment. Emphasizing the importance of adhering to legal provisions, the Tribunal concluded that the reopening of assessment beyond four years without establishing any failure to disclose material facts rendered the reassessment invalid. Case-Laws Income Tax Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429065