Absence of full & true disclosure of material facts: Reopening of Assessment Justified

A. Sridevi Vs ITO (Madras High Court) Madras High Court has dismissed an appeal filed by assessee A. Sridevi, upholding the validity of a second reassessment proceeding initiated by the Income Tax Officer (ITO) for the assessment year 2009-2010. The court’s decision affirms the earlier ruling of the Writ Court and underscores the importance of full and true disclosure of material facts by an assessee, particularly when reassessment notices are issued beyond the standard four-year period. The case originated from a challenge by A. Sridevi against the ITO’s order dated May 26, 2016, ...