SC Upholds Bar on Reopening After Four Years for No Disclosure Failure

ACIT Vs Asian Paints Limited. (Supreme Court of India) The Supreme Court of India, while dismissing the special leave petitions filed by the Revenue, affirmed the judgment of the Bombay High Court which had quashed the reassessment proceedings initiated under Section 148 of the Income-tax Act, 1961. The Supreme Court noted that the notice for reopening had been issued after the expiry of four years from the end of the relevant assessment year and that the High Court had recorded a categorical finding that the assessee had placed full material facts before the Assessing Officer during the regul...