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| The Tax Publishers2020 TaxPub(DT) 3224 (Coch-Trib) : (2020) 081 ITR (Trib) 0090 INCOME TAX ACT, 1961
Section 147, Proviso
Reopening of assessment beyond four years from the end of relevant assessment year without allegation of non-disclosure on part of assessee of full and true material facts necessary for completion of assessment was hit by proviso to section 147 and was, therefore, quashed as invalid.
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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 so as to make addition towards freezer security deposit being lapsed liability. Assessee took plea of proviso to section 147. Held: AO in the reasons recorded for issuance of notice under section 148 had not mentioned that income had escaped assessment, on account of non-disclosure on part of assessee of full and true material facts necessary for completion of assessment. Further, AO had examined impugned issue in detail during original assessment. Accordingly, reassessment made beyond four years, and that too out of mere change of opinion, was hit by proviso to section 147 and was, therefore, quashed as invalid.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2009-10
IN THE ITAT, COCHIN BENCH
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