https://www.taxtmi.com/caselaws?id=754248 The ITAT Mumbai allowed the assessee's appeal challenging the validity of reassessment under section 147 beyond four years. The tribunal held that the AO reopened the assessment based solely on material already available in the original assessment records under section 143(3), without bringing any new material. Since the assessment was reopened after four years, the proviso to section 147 required failure by the assessee to disclose material facts fully and truly. The tribunal found that all relevant details regarding capital assets and depreciation had been submitted and verified during the original assessment proceedings. Following the SC precedent in Kelvinator of India Ltd, the tribunal ruled that the AO cannot review but only reassess based on new material, which was absent in this case. en-us Mon, 08 Jan 2024 00:00:00 +0530 Wed, 19 Jun 2024 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754248 The ITAT Mumbai allowed the assessee's appeal challenging the validity of reassessment under section 147 beyond four years. The tribunal held that the AO reopened the assessment based solely on material already available in the original assessment records under section 143(3), without bringing any new material. Since the assessment was reopened after four years, the proviso to section 147 required failure by the assessee to disclose material facts fully and truly. The tribunal found that all relevant details regarding capital assets and depreciation had been submitted and verified during the original assessment proceedings. Following the SC precedent in Kelvinator of India Ltd, the tribunal ruled that the AO cannot review but only reassess based on new material, which was absent in this case. Case-Laws Income Tax Mon, 08 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754248