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| The Tax Publishers2019 TaxPub(DT) 4098 (Del-Trib) INCOME TAX ACT, 1961
Section 147, Proviso
Admittedly assessment was reopened after expiry of four years from the end of relevant assessment year, therefore, proviso to section 147 was clearly applicable. No finding was recorded by AO in the reasons recorded that alleged escapement of income was on account of any failure on the part of assessee to disclose fully and truly any material fact and, therefore, reopening was not valid.
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Reassessment - Beyond four years - No failure to disclose fully and truly all material facts -
AO reopened assessment after expiry of four years from the end of relevant assessment year on the ground that assessee had received the donation of Rs. 50,00,000 by cheque for which assessee made payment in cash which was undisclosed income of assessee. Held: Admittedly, assessment was reopened after expiry of four years from the end of relevant assessment year. Therefore, proviso to section 147 was clearly applicable. No finding was recorded by AO in the reasons recorded that alleged escapement of income was on account of any failure on the part of assessee to disclose fully and truly any material fact, therefore, reopening was not valid.
Relied:Unitech Limited v. Dy. CIT, Circle-27 (1), New Delhi (2017) 397 ITR 547 (Del) : 2017 TaxPub(DT) 4445 (Del-HC) and HCL Technologies Ltd. v. Dy. CIT Central Circle-2 & Anr. (2017) 397 ITR 469 (Del) : 2017 TaxPub(DT) 4018 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
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