The Tax Publishers2020 TaxPub(DT) 4884 (Kol-Trib)

INCOME TAX ACT, 1961

Section 147

As there was no failure on part of assessee to disclose fully and truly all material facts during original assessment, therefore, reopening of assessment beyond four years was hit by proviso to section 147 and, therefore, reassessment was set aside as invalid.

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 of unexplained cash credit in the books of assessee being cash deposit under section 68.Held: In the reasons recorded for reopening there was no allegation as to failure on part of assessee to disclose truly and fully all material facts and, therefore, reopening of assessment was hit by proviso to section 147 and, therefore, reassessment was set aside.

Followed:V2 Retails Ltd. v. DCIT (Kol) & Vice-versa in ITA No. 611/Kol/2018 and 723/Kol/2018 and Premier Vyapaar P. Ltd v. ITO (Kol) ITA No. 1953/Kol/2017 : 2018 TaxPub(DT) 7379 (Kol-Trib).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2011-12



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