INCOME TAX ACT, 1961

Section 148

Reassessment - Notice beyond four years - No failure to disclose fully and truly all material facts -

AO issued notice under section 148 after expiry of four years from the end of relevant assessment year on te reasoning that assessee failed to mention date of put to use assets during the year while submitting Form 3CD, which clearly established that the assets which were acquired during the year and hence there was no full and true disclosure by assessee, fulfilling the condition of deduction under section 32.Held: During original assessment proceedings the assessee had disclosed necessary documents, statements along with dates with regard to the assets which were put to use during the year under consideration. The only technical mistake committed by the auditor was failure to mention the date in the prescribed Form 3CD. The materials on record indicated that primary facts with regard to the date of put to use of assets were disclosed and same was examined by AO at the relevant time. Therefore, when primary materials having been disclosed bona fide, a mere technical mistake committed by auditor, could not be said to be an 'omission' or 'failure' to disclose fully and truly all material facts for assessment and therefore, impugned notice under section 148 was set aside.

Supported by:Calcutta Discount Company Ltd. AIR 1961 SC 372 : 1961 TaxPub(DT) 130 (SC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2012-13

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