Reopening of assessment not permitted if no Failure of Assessee to disclose material facts

Biddle Sawyer Limited Vs. ACIT (ITAT Mumbai) The point to be examined is as to whether all material facts were available to the Assessing Officer on the impugned issue or else, was there a failure on the part of the assessee to disclose. The stand of the Revenue is that there was a failure to make full and true disclosure of material facts as required by the proviso to Sec. 147 of the Act. No doubt, the proviso to Sec. 147 of the Act uses the words “material facts” and thus, it means that furnishing of ‘just the facts’ would not suffice, but rather the requirement is to furnish “mate...