Reassessment beyond four years requires full and true disclosure; disclosed bank account made reopening notice prima facie without jurisdiction.

A reopening notice issued beyond four years was prima facie without jurisdiction because the assessee had already disclosed the relevant bank account in the original assessment and the balance sheet. As the assessment had been completed under Section 143(3) read with Section 153A, the first proviso to Section 147 required a failure to fully and truly disclose all material facts before reassessment could be validly initiated. The objections to reopening raised this disclosure point, but the order disposing of objections did not address it. Interim protection was granted restraining further action on the notice.

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Issues: Challenge to a notice reopening assessment for Assessment Year 2010-11 beyond four years, on the ground that the assessee had fully disclosed the bank account in the original assessment and therefore the jurisdictional condition for reopening was not satisfied.

Analysis: The notice was issued under Section 148 of the Income-tax Act, 1961 to reopen an assessment completed under Section 143(3) read with Section 153A of the Income-tax Act, 1961. The objections asserted that the bank account referred to in the reasons had already been disclosed during assessment and was reflected in the balance sheet. The order disposing of the objections did not deal with this contention. Since the reopening was beyond four years, the first proviso to Section 147 of the Income-tax Act, 1961 required a failure to disclose fully and truly all material facts.

Outcome: The notice was held to be prima facie without jurisdiction and interim protection was granted restraining further action on the notice.

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