Assessment Invalidated by ITAT: Reopening Beyond Four Years

Samridhi Stocks Pvt Ltd Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT) in Kolkata recently passed a crucial judgment in the case of Samridhi Stocks Pvt Ltd vs Income Tax Officer (ITO). The case pivots on the reopening of an assessment more than four years after the end of the relevant assessment year and the invalidation of that reopening by the ITAT. In this case, the assessee contended that the reopening of the assessment was unjustified as it was initiated after four years from the end of the relevant assessment year, despite the absence of any failure on the part of the ass...