https://www.taxtmi.com/caselaws?id=759938 The ITAT Delhi quashed reassessment proceedings initiated beyond four years where the assessee had fully disclosed export incentive and foreign exchange fluctuation as business income in the original return. The AO completed assessment under section 143(3) accepting the return, and later issued notice under section 154 based on audit objection regarding section 80IC deduction but passed no rectification order. Since all material facts were disclosed during original assessment and no new material emerged after four years indicating escaped assessment, the reopening was invalid. The tribunal deleted additions made by AO and confirmed by CIT(A), ruling in favor of the assessee. en-us Wed, 09 Oct 2024 00:00:00 +0530 Fri, 11 Oct 2024 08:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759938 The ITAT Delhi quashed reassessment proceedings initiated beyond four years where the assessee had fully disclosed export incentive and foreign exchange fluctuation as business income in the original return. The AO completed assessment under section 143(3) accepting the return, and later issued notice under section 154 based on audit objection regarding section 80IC deduction but passed no rectification order. Since all material facts were disclosed during original assessment and no new material emerged after four years indicating escaped assessment, the reopening was invalid. The tribunal deleted additions made by AO and confirmed by CIT(A), ruling in favor of the assessee. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759938