1981 (9) TMI 192

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....1976-77 at Rs. 1,09,197 each. The assessee showed the Annual Letting Value(ALV) of the SOP at Rs. 2.160 each for all the three years on the basis of the Municipal assessment. In the original assessment, the ITO accepted the ALV so disclosed by the assessee. For reopening the assessments u/s 147(a), the ITO recorded the reasons as follows: "The assessee owns one house at plot No. 36 in Sangram Colony, C-Scheme, Jaipur which is under self occupation. The value of building as assessed by the Land & Bldg. Tax Department is Rs. 1,40,800. As per Board's instruction in connection with valuation of immovable properties, the number of years purchase (i.e. multiple of the net rental income) is to be taken between 12 to 20 according to the circumst....

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....eopening u/s. 147(a) is possible only when the ITO has reason to believe that the due to the failure on the part of an assessee to disclose fully and truly all material facts necessary for his assessment for that year, income chargeable to tax has escaped assessment for that year. The question for consideration is whether there was any failure or omission on the part of the assessee to disclose fully and truly all material facts necessary for making the assessment and whether for that reason any income chargeable to tax escaped assessment. Nowhere has it been said by the ITO that the assessee failed to disclose material facts necessary for making the assessment. We have already reproduced the reason to believe being recorded by the ITO. Fro....