Reassessment proceedings unsustainable as material facts fully and truly disclosed

Arun Kumar Aggarwal Vs ITO (ITAT Delhi) ITAT Delhi held that initiation of proceedings under section 147/148 of the Income Tax Act unsustainable as there was on failure on the part of the assessee to disclose fully and truly all the material facts. Facts- The case of the assessee was reopened by issuing notice u/s 148 of the Act on the basis of information received from DDIT, Investigation, New Delhi regarding frequent high- value cash deposits, transfer and RTGS credit followed by immediate transfer and RTGS debits leaving minimum balance in the account number 911020010105859 held in the name...