Reopening u/s. 148 beyond 4 years quashed as material facts fully & truly disclosed: ITAT Raipur

Pradeep Kumar Agrawal Vs ITO (ITAT Raipur) ITAT Raipur held that reopening of proceedings under section 148 of the Income Tax Act beyond a period of 4 years without failure on the part of the assessee to disclose fully & truly all the material facts is liable to be annulled. Accordingly, appeal of the assessee allowed and reassessment quashed. Facts- The assessee is engaged in trading business of paddy, rice, other bi-product and transport work. The case of assessee was selected for scrutiny assessment u/s 143(3), which was completed on 29.11.2016 determining the assessed income at Rs. 7,8...