This picture was taken in Vittorio Veneto in 1968. An important location for a important date: Vittorio Veneto was at the center of the main Italian offensive in November 1918 when war was won and 1968 is exactly 50 years after the end of the Great War.
This picture was taken during a ceremony, as we can see a carabiniere in alta uniforme and vets’ flags. These flags were from veterans from the Arditi corps. One of the flags bear several medals: these are the Medaglie al Valore awarded to the Arditi soldiers during the Great War (thanks to Filippo who corrects me in real time).
By the way, in 1968, Italian State awarded the Croce di Vittorio Veneto to all Italian WW1 veterans who were still alive.