Reopening of assessment beyond four years period invalid as material facts disclosed fully

VE Commercial Vehicles Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that reopening of assessment beyond four years period is invalid as there was no failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment. Facts- The assessee has mainly taken up the issue of reopening of assessment under section 148 of the Income Tax Act. CIT(A) has ruled the decision in favour of the revenue. Being aggrieved, the present appeal is filed by the assessee. Conclusion- The Hon’ble Courts have in this context held that reassessment proceedings initiated bey...