No reassessment if AO fails to bring new material on record

Union Bank of India Vs DCIT (ITAT Hyderabad) Conclusion: Reassessment made by AO in respect of assessee-bank was quashed as no new material was brought on record by AO in the reopening of assessment to establish that the income of the assessee had escaped assessment as assessee had already disclosed all the information necessary for completion of original assessment and the reopening of assessment made beyond four years from the AY under consideration. Held: Assessee-bank had filed return of income for assessment year 2010-11 declaring income of Rs.917,60,29,790/-. Later revised return was fil...