Reassessment u/s. 147 after expiry of four years tenable since all material facts not disclosed

ACIT Vs City Union Bank Limited (Madras High Court) Madras High Court held that reassessment under section 147 of the Income Tax Act after expiry of four years is sustainable in law since assessee has failed to set out truly and fully all the material facts. Facts-The Writ Petitioner, City Union Bank Limited at Kumbakonam/assessee is a banking company. The respondents, the Assistant Commissioner of Income Tax, Circle 2(1), Tiruchirapalli, Income Tax Office and the Chief Commissioner of Income Tax, Tirchirapalli, in W.P.(MD)No.24160 of 2018 have filed the present Writ Appeal, aggrieved by the o...