Reassessment Beyond Four Years Invalid Without Finding of Failure to Disclose Material Facts: ITAT Delhi

NLDK Timbers Pvt. Ltd. Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, allowed the appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), relating to Assessment Year 2011-12. The dispute concerned the validity of reassessment proceedings initiated under Sections 147 and 148 of the Income-tax Act, 1961. The assessee had originally filed its return of income declaring total income of ₹90.70 lakh. Assessment under Section 143(3) was completed on 28 March 2014 determining total income at ₹9...