Reassessment u/s. 148 after four years untenable as full and true material facts disclosed

Advertisement D.A.V. Educational Trust Vs ITO (ITAT Chennai) ITAT Chennai held that reassessment u/s. 148 of the Income Tax Act after expiry of four years not sustainable since there was no failure on the part of assessee to disclose fully and truly all material facts. Further, reassessment is invalid for non-furnishing of actual reasons recorded. Facts- The assessee in challenging the action of the ld. CIT(A) in not considering the submissions of the assessee in respect of validity of reassessment order passed under section 147 r.w.s. 144B of the Income Tax Act, 1961 in the facts and circ...