Reassessment after 4 years where assessee made true and full disclosure in original assessment was not valid

DCIT Vs Visvas Promoters (P) Ltd. (Madras High Court) Conclusion: Reassessment after period of four years on the ground that assessee had claimed excess deduction under Section 80IB(10) was not valid where assessee had made true and full disclosure and had consciously made only a proportionate claim under Section 80IB(10), which was rightly allowed by AO at the time of original assessment proceedings under Section 143(3). Held: AO reopened assessment by issuing notice under section 148 beyond period of four years on the ground that assessee claimed excess deduction under Section 80IB(10) in re...