No reassessment in absence of failure on part of assessee to fully & truly disclose all material facts

District Co-operative Central Bank Ltd. Vs ACIT (ITAT Bengalore) Conclusion: Reassessment beyond four years was not valid in the absence of failure on part of assessee to fully and truly disclose all material facts necessary for assessment. Held: Assessee claimed deduction of Rs.3,50,00,000/- u/s 36(1)(viia). However, assessee debited only Rs.3,00,00,000/- to the profit and loss account towards Provision for Bad and Doubtful Debts. Assessee considered Provision for Standard Assets of Rs.50.00,000/- also for claiming deduction u/s 36(1)(viia) which was not allowable. Hence, the deduction was ex...