https://www.taxtmi.com/caselaws?id=773872 ITAT Cochin-AT allowed the assessee's appeal and quashed reassessment proceedings initiated under section 147 after four years. The court held that since the AO failed to establish that the assessee had not disclosed relevant material facts necessary for assessment completion, the mandatory condition under section 149 proviso was not satisfied. The reassessment concerning disallowance of interest, excess wastage, and depreciation was deemed invalid as it lacked proper justification for reopening beyond the four-year limitation period without proving non-disclosure of material facts. en-us Wed, 14 May 2025 00:00:00 +0530 Mon, 30 Jun 2025 08:43:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773872 ITAT Cochin-AT allowed the assessee's appeal and quashed reassessment proceedings initiated under section 147 after four years. The court held that since the AO failed to establish that the assessee had not disclosed relevant material facts necessary for assessment completion, the mandatory condition under section 149 proviso was not satisfied. The reassessment concerning disallowance of interest, excess wastage, and depreciation was deemed invalid as it lacked proper justification for reopening beyond the four-year limitation period without proving non-disclosure of material facts. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773872