https://www.taxtmi.com/caselaws?id=771367 ITAT Kolkata held that reopening assessment beyond four years under section 148 was not justified as the assessee had not failed to disclose material facts truly and fully. The original assessment under section 143(3) was completed after due verification, and the reassessment notice issued after four years was based solely on information received, without any evidence of nondisclosure by the assessee. The tribunal rejected the revenue's appeal despite the low tax effect, finding no basis for invoking the exception to the limitation period. The decision favored the assessee, quashing the reassessment notice. en-us Mon, 21 Apr 2025 00:00:00 +0530 Tue, 29 Jul 2025 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771367 ITAT Kolkata held that reopening assessment beyond four years under section 148 was not justified as the assessee had not failed to disclose material facts truly and fully. The original assessment under section 143(3) was completed after due verification, and the reassessment notice issued after four years was based solely on information received, without any evidence of nondisclosure by the assessee. The tribunal rejected the revenue's appeal despite the low tax effect, finding no basis for invoking the exception to the limitation period. The decision favored the assessee, quashing the reassessment notice. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771367