Reassessment Beyond 4 Years Void Without Disclosure Failure: ITAT Chennai

Ashok Leyland Ltd Vs DCIT (ITAT Chennai) No Second Chance After 4 Years – Reassessment Without Assessee’s Failure to Disclose- Ab Initio Void- ITAT Quashes Reopening Chennai ITAT allowed the Assessee’s appeal & quashed reassessment proceedings initiated u/s 147/148 after 4 years, holding that AO failed to establish any failure on Assessee’s part to fully & truly disclose material facts. Assessee had filed its return for AY 2010-11, later revised declaring nil income. Original assessment u/s 143(3) dated 21.05.2014 determined income at ₹328.87 crore after disallowing part ...