https://www.taxtmi.com/caselaws?id=446723 ITAT Cochin held that reassessment proceedings beyond four years were maintainable where the assessee failed to furnish Form 3CL quantifying eligible expenditure under section 35(2AB). The assessee claimed higher deduction than approved by prescribed authority but did not disclose this variance to AO during original assessment. The Tribunal rejected the assessee's plea that Form 3CL was presumptively known to AO, finding no legal or factual support. The failure to disclose material facts regarding the variance between claimed and approved deduction constituted non-disclosure under section 147, justifying reassessment proceedings. en-us Thu, 30 Nov 2023 00:00:00 +0530 Fri, 08 Dec 2023 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446723 ITAT Cochin held that reassessment proceedings beyond four years were maintainable where the assessee failed to furnish Form 3CL quantifying eligible expenditure under section 35(2AB). The assessee claimed higher deduction than approved by prescribed authority but did not disclose this variance to AO during original assessment. The Tribunal rejected the assessee's plea that Form 3CL was presumptively known to AO, finding no legal or factual support. The failure to disclose material facts regarding the variance between claimed and approved deduction constituted non-disclosure under section 147, justifying reassessment proceedings. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446723