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| The Tax Publishers2020 TaxPub(DT) 2494 (Kol-Trib) INCOME TAX ACT, 1961
Section 147
In absence of failure to disclose fully and truly all material facts necessary for assessment reopening of assessment beyond four years clearly hit by proviso to section 147 and, therefore, reassessment was set aside.
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Reassessment - Beyond four years - No failure on part of assessee to disclose fully and truly all material facts -
AO received information from Investigation Wing as to assessee having routed its own unaccounted money through entry operators. Accordingly, AO reopened assessment after expiry of four years from the end of relevant assessment year. Assessee took plea of proviso to section 147. Held: Merely having a reason to believe that income had escaped assessment, was not sufficient to reopen assessments beyond four years. In the reasons recorded for reopening there was no whisper, what to speak of any allegation, that assessee had failed to disclose fully and truly all material facts necessary for assessment and because of such failure there had been escapement of income chargeable to tax. Accordingly, reopening was clearly hit by proviso to section 147 and, therefore, reassessment was set aside.
Relied:Beekay Steel Industries Ltd. v. Dy. CIT ITA No. 105/Kol/2015, for assessment year 2005--06, Order, dated 31-5-2017.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10
INCOME TAX ACT, 1961
Section 68
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