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| The Tax Publishers2021 TaxPub(DT) 4745 (Bang-Trib) INCOME TAX ACT, 1961
Section 147, Proviso
Original assessment was completed under section 143(3) and there was no discussion, whatsoever, with regard to the earning of capital gain by entering into JDA with Developer. Assessee had not disclosed anything about this transaction either in its return of income or in its computation. There was a total failure on part of assessee to bring these facts to the notice of AO. Therefore, reopening of assessment beyond four years was valid.
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Reassessment - Beyond four years - Failure to disclose fully and truly all materail facts -
AO reopened assessment after expiry of four years from the end of relevant assessment year on reasoning that assessee had entered into 'Joint Development Agreement' with M/s. Plama Developers Ltd., Managalore in respect of land owned by the assessee (along with 3 other parties) in Mangalore, which was not disclosed and this led to the income chargeable to tax escaping assessment. Assessee challenged this. Held: Original assessment was completed under section 143(3) and there was no discussion, whatsoever, with regard to the earning of capital gain by entering into JDA with Developer. Assessee had not disclosed anything about this transaction either in its return of income or in its computation. There was a total failure on part of assessee to bring these facts to the notice of AO. Therefore, reopening of assessment beyond four years was valid.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2006-07
INCOME TAX ACT, 1961
Section 2(47)(v)
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