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| The Tax Publishers2019 TaxPub(DT) 3248 (Mad-HC) INCOME TAX ACT, 1961
Section 147 Proviso
Reopening of assessment after expery of four years from the end of relevant assessment year was not valid in the absence of failure on assessee's part to disclose fully and truly all material facts.
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Reassessment - Beyond four years - No failure to disclose fully and truly all material facts -
AO reopened assessment after expery of four years from the end of relevant assessment year on the ground of assessee having claimed excess deduction under section 80-IB(10). Held: Assessee had submitted relevant details about all the projects at the time of original assessment proceedings and only proportionate claim was made by assessee under section 80-IB(10), being conscious of the fact that only residential units below 1500 sq. ft. were eligible for deduction under section 80-IB(10). Therefore merely on a change of opinion, AO could not seek to disallow deduction by reopening assessment beyond four years, and that too, when there was no failure to disclose fully and truly all material facts.
Relied on:Kelvinator India Ltd. (2010) 320 ITR 561 (SC) : 2010 TaxPub(DT) 1335 (SC)
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2003-04
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