Tribunal held that the assessee had disclosed all the material facts during the regular assessment proceedings. The reassessment proceedings had been initiated only on the basis of the Tribunal’s order in the assessee’s case for assessment years 2005-06 and 2006-07. Therefore, it could not be alleged that there was a failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment. The reassessment proceedings were bad in law and liable to be quashed. (AY. 2008-09)
Nike India P. Ltd. v. ACIT (2021) 86 ITR 27 (SN) (Bang.)(Trib.)
S. 147 : Reassessment-After the expiry of four years-Transfer pricing-Arm’s length price-Tribunal order in earlier year assessment years-No failure to disclose material facts-Reassessment is not valid. [S. 148]