Allowing the petition the Court held that where the assessee had disclosed all the material facts. Reassessment to verify cash intensive transactions is held to be not valid. (AY. 2009-10)
Revolution Forever Marketing Pvt. Ltd. v. ITO (2019) 413 ITR 400 (Delhi) (HC) Editorial: SLP of revenue is dismissed ITO v. Revolution Forever Marketing Pvt. Ltd ( 2020) 269 Taxman 561( SC)
S. 147 : Reassessment-All material facts disclosed in the original assessment proceedings–Reassessment to verify cash intensive transactions is held to be not valid.[S. 148]