Madras HC Sets Aside Reopening Beyond 4 Years Based on Disclosed Facts

Sterling Tree Magnum India Vs ACIT (Madras High Court) Madras High Court has ruled that an income tax reassessment initiated based on information already available and disclosed in the assessee’s audited financial statements is invalid. The court found no failure on the part of the company, Sterling Tree Magnum India, to disclose fully and truly any material facts necessary for its original assessment. This decision led to the allowance of the assessee’s Tax Case Appeal, overturning the orders of the Income Tax Appellate Tribunal (ITAT) and the Commissioner of Income Tax (Appeals)....