Reassessment U/S 147 Quashed Due to Full & True Disclosure of Material Facts

PCIT (Central)-2 Vs K.R. Pulp And Papers Ltd (Delhi High Court) Delhi High Court held that reopening of assessment under section 147 of the Income Tax Act rightly quashed by CIT(A) and ITAT since there was full and true disclosure of all the material facts on the part of the assessee. Accordingly, appeal of revenue dismissed. Facts- The Assessee is a public limited company and is engaged in the manufacturing of kraft paper and brown paper usually used for packaging. Post scrutiny assessment, the case was reopened u/s. 147 of the Act, and a notice u/s. 148 of the Act was issued to the Assessee....