Reassessment unsustainable if full & true material disclosure during original assessment

DCIT Vs Jan De Nul Dredging (I)(P) Ltd (ITAT Chennai)

ITAT Chennai held that both the conditions u/s 147 of the Income Tax Act needs to be satisfied for initiation of re-assessment after four years from the end of the relevant assessment year. Here, as assessee has disclosed fully and truly all the material facts, re-assessment proceedings couldn’t be sustained.

Facts- The case of the assessee was selected for scrutiny and notice u/s. 143(2) of the Act was issued and als

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