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| The Tax Publishers2022 TaxPub(DT) 1856 (Pune-Trib) INCOME TAX ACT, 1961
Section 147, Proviso
In the reasons recorded for reopening of assessment, AO had not alleged that assessee failed to disclose material facts truly and fully. It is also a fact that reopening was done, based on the record already available at the time of original assessment order. No new information was received by AO. Therefore, reopening beyond four years was hit by proviso to section 147 and was, therefore, set aside.
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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 reasoning that income on account of impact on financial activity amounting to Rs. 1,19,16,552 should have been excluded from the profit eligible for deduction under section 80HHC and due to the said omission excess deduction under section 80HHC stood allowed to assessee. Assessee challenged this taking plea of proviso to section 147. Held: In the reasons recorded for reopening of assessment, AO had not alleged that assessee failed to disclose material facts truly and fully. It is also a fact that reopening was done, based on the record already available at the time of original assessment order. No new information was received by AO. Therefore, reopening beyond four years was hit by proviso to section 147 and was, therefore, set aside.
Followed:Titanor Components Ltd. v. Asstt. CIT [Writ Petition No. 71 of 2005] : 2011 TaxPub(DT) 2162 (Bom-HC) and [TA 1499/PUN/2012],
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2003-04
IN THE ITAT, PUNE BENCH
PARTHA SARATHI CHAUDHURY, J.M. & DIPAK P. RIPOTE, A.M.
Dy. CIT v. Alfa Laval India Ltd.
ITA No. 2173/PUN/2017
15 March, 2022
Revenue dismissed.
Revenue by: S.P. Walimbe - Departmental Representative
Assessee by: Nikhil S Pathak - Authorized Representative
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