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

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