Reopening not permissible beyond 4 years where AO failed to consider material produced before him

Issue before court: Whether tribunal has rightly set aside the reassessment proceedings initiated after passage of four years on account of failure of AO to look and consider the material produced before him at the time of assessment proceedings u/s 143 (3). Brief facts: The assessee is engaged in the business of manufacture and sale of drugs. The assessee filed return of income on 29.11.1996 pertaining to AY 1996-97 declaring total income of Rs.14,45,260/-. The return was subsequently selected for scrutiny and income was assessed at Rs.17,16,211/-. Subsequently, after expiry of four years,...