TaxTMI 
TaxTMI 
2000 (10) TMI 202
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....or assessment year 1984-85 on account of del credere commission paid to M/s. Antler Corporation. Such claims were allowed by the Assessing Officer for both the years while completing the assessments under section 143(3). Subsequently, these assessments have been re-opened by the Assessing Officer on 22-6-1989 after recording the following reasons:-- "M/s. Chandan Metal Products Pvt. Ltd., F-14, Gita Co-op. Housing Society, Pune-1. Assessment Year 1983-84. Reasons for the belief that income has escaped assessment: While hearing the appeal of M/s. Chandan Metal Products Pvt. Ltd. for the assessment year 1987-88, the CIT(A)-I, Pune noticed that the assessee had paid commission at a fixed rate to M/s. Antler Corporation, a partnership firm,....
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.... section 147 could be taken after four years where the assessment had been completed under section 143(3) and the income chargeable to tax had escaped by reason of failure on the part of assessee either to make a return under section 139 or in response to notice issued under section 142(1) or under section 148 or to disclose fully and truely all material facts necessary for his assessments for that asstt. year. According to him, the Assessing Officer must record his reasons in this regard after referring to the material coming into his possession subsequent to the original assessment. So, if no such reasons are recorded, then notice issued under section 148 would be invalid. On the other hand the learned D.R. has opposed such contention by ....
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.... section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year." Section 148(2) provides as under: "(2) The Assessing Officer shall, before issuing any notice under this section, record his reasons for doing so." The combined reading of the aforesaid provisions, in our opinion, clearly shows that following conditions must be satisfied: 1. That income chargea....
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....evant portion appears at page 477 and the same is reproduced for the benefit of this order as under: "From a combined review of the judgments of this court, it follows that an Income-tax Officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the Income-tax Act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that by reason of omission of failure on the part of the assessee to make a true and full disclosure of all material facts necessary for his assessment during the concluded assessment proceedings, any part of his income, profits or gains chargeable to income-tax has escaped asses....