2008 (7) TMI 501

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....s. 23, 84,550. The Assessing Officer issued notice under section 143(2) of the Act. On March 20, 1995, the petitioner-assessee filed a detailed reply where under in paragraph 4 it was stated "The details of the amount invested in the new house being Rs.11, 36, 477 in each case were duly enclosed along with the return of income . . ." The assessment order was framed on March 23, 1995, under section 143(3) of the Act after referring to the working of long-term gains in paragraph 3 of the assessment order. 3. The impugned notice dated March 22, 1999, has been assailed by the learned advocate for the petitioner on the ground that the said notice has been issued beyond a period of four years from the end of the relevant assessment year and, h....

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.... completed assessment in a case where income liable to tax has escaped assessment. However, proviso under the said section carves out an exception and shifts the burden on Revenue in a case where a period of four years has elapsed from the end of the relevant assessment year. The proviso stipulates three conditions. The Revenue is required to show from the record and the facts of the case that any one of the three conditions stands satisfied before the Assessing Officer can assume jurisdiction to issue notice for reassessment. 6. In the present case, admittedly, the conditions regarding non-filing of return and the condition regarding non-responding to statutory notice are not applicable. The third condition requires the Revenue to estab....