No reassessment beyond 4 years as assessee disclosed Agricultural Land sale in return during scrutiny assessment

S.Uttam Chand Vs ACIT (Madras High Court) Conclusion: Reassessment initiated beyond 4 years was quashed as assessee had disclosed the information with regard to the sale of the agricultural land and all the particulars with regard to sale of agricultural land was disclosed before AO in full extent and there was no failure on the part of assessee with regard to providing material facts and the notice issued under Section 148 and 149 of the Act for re-opening assessment. Held: In the instant case, the present notice issued under Section 147 was beyond the period of four years stipulated in the A...