|The Tax Publishers2021 TaxPub(DT) 0518 (Kol-Trib)
INCOME TAX ACT, 1961
Section 147, Proviso
In the absence of failure to disclose fully and truly all material facts necessary for assessment, reopening beyond four years was hit by proviso to section 147 and was, therefore, quashed as invalid.
Reassessment - Beyond four years - No failure to disclose truly and fully material facts -
AO reopened assessment after expiry of four years from the end of relevant assessment year on the reasoning that assessee had received accommodation entry in the form of bogus purchases. Assessee took plea of proviso to section 147.Held: From the above reason recorded, it appeared that issue which was raised therein had been marched with earlier reason recorded for reopening of assessment and attained finality so far as the reasons recorded by AO were concerned. If that be so, the reason recorded on 20-5-2014 should be considered to be final and absolute reason recorded by the AO for reopening the assessment for assessment year 2009-10. Further that, no allegation is found to be made by AO for not disclosing truly and fully all material facts necessary for assessment by the assessee. Accordingly, reopening beyond four years was hit by proviso to section 147 and was, therefore, quashed as invalid.
Relied:Hindustan Lever Ltd. v. R.B. Wadkar (2004) 268 ITR 332 (2004) (Bom-HC) : 2004 TaxPub(DT) 1424 (Bom-HC).
FAVOUR : In assessee's favour.
A.Y. : 2009-10
IN THE ITAT, KOLKATA BENCH
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