Reassessment after four years unsustainable as failure of assessee to disclose full material facts not proved

Nagpur Power & Industries Ltd Vs ACIT (ITAT Mumbai) ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act after four years without bringing on record that escapement of income was occurred by reason of omission or failure on the part of the assessee to disclose fully or truly all the material facts is bad-in-law and liable to be quashed. Facts- The assessment of the assessee was reopened u/s. 147 of the Income Tax Act after 4 years by issue of notice u/s. 148 of the Income Tax Act and the same was served on the assessee. AO observed that foreign travel expen...