https://www.taxtmi.com/caselaws?id=446533 The Madras HC allowed the assessee's appeal challenging reassessment proceedings under Section 147. The court held that invoking the extended limitation period beyond four years requires a mandatory finding that income escaped assessment due to the assessee's failure to fully and truly disclose material facts. Since the revenue failed to establish this condition precedent, the reassessment notice and subsequent proceedings were vitiated and set aside. The court emphasized this finding is essential for assuming jurisdiction in extended limitation cases. en-us Fri, 10 Nov 2023 00:00:00 +0530 Tue, 05 Dec 2023 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446533 The Madras HC allowed the assessee's appeal challenging reassessment proceedings under Section 147. The court held that invoking the extended limitation period beyond four years requires a mandatory finding that income escaped assessment due to the assessee's failure to fully and truly disclose material facts. Since the revenue failed to establish this condition precedent, the reassessment notice and subsequent proceedings were vitiated and set aside. The court emphasized this finding is essential for assuming jurisdiction in extended limitation cases. Case-Laws Income Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446533