https://www.taxtmi.com/caselaws?id=60717 The ITAT annulled the reassessment proceedings initiated by the ITO under section 147(a) of the IT Act, 1961 for the assessment year 1963-64. The ITAT found that the assessee's revised return, which disclosed the omitted investment, was valid under section 139(5) and that there was no failure on the part of the assessee to disclose material facts. The reassessment was deemed invalid, and the ITAT criticized the CIT for mechanically permitting the reopening of the assessment. Consequently, the reassessment under section 147(a) was canceled, and the AAC's decision was overturned. en-us Thu, 22 Jun 1978 00:00:00 +0530 Fri, 07 Jan 2011 17:51:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60717 The ITAT annulled the reassessment proceedings initiated by the ITO under section 147(a) of the IT Act, 1961 for the assessment year 1963-64. The ITAT found that the assessee's revised return, which disclosed the omitted investment, was valid under section 139(5) and that there was no failure on the part of the assessee to disclose material facts. The reassessment was deemed invalid, and the ITAT criticized the CIT for mechanically permitting the reopening of the assessment. Consequently, the reassessment under section 147(a) was canceled, and the AAC's decision was overturned. Case-Laws Income Tax Thu, 22 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60717