The Tax Publishers2020 TaxPub(DT) 3519 (Mum-Trib)

INCOME TAX ACT, 1961

Section 147

Since while obtaining approval of CIT under section 151, AO clearly held that there was failure on the part of assessee in disclosing fully and truly all material facts, the AO was justified in reopening assessment in the case of the assessee.

Reassessment - Notice under section 148 issued after 4 years from end of relevant assessment - Failure on part of assessee in disclosing fully and truly all material facts -

AO completed assessment under section 143(3) in case of assessee accepting returned income and allowing deduction of section 80-IB. Subsequently, the case was reopened under section 147. Assessee submitted that the case was reopened after 4 years from end of relevant assessment and there was no reference in the reasons recorded that there was any failure in disclosing fully and truly all facts. However, CIT(A) affirmed the action of the AO by taking view that while obtaining approval of CIT under section 151, the AO clearly held that there was failure on the part of the assessee in disclosing fully and truly all material facts. Held: It was found that while obtaining approval of CIT under section 151, AO clearly held that there was failure on the part of assessee in disclosing fully and truly all material facts, therefore, the AO was justified in reopening assessment in the case of the assessee.

REFERRED :

FAVOUR : Against the assessee

A.Y. : 2007-08

INCOME TAX ACT, 1961

Section 80-IB

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