2011 (1) TMI 146

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.... JUDGMENT 1. Heard. 2. Rule. Returnable forthwith. By consent of the parties the petition is taken up for final hearing. 3. The petitioner has challenged the notice issued under section 148 of the Income-tax Act, 1961 dated March 24, 2010 whereby the assessment for the year 2003-04 is sought to be reopened. 4. The reasons recorded for reopening the assessment read thus : "The retur....

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....ssee-trust has failed to disclose fully and truly material facts for the assessment as far as this issue is concerned which was entailed into escapement of income to that extent. I have therefore reason to believe that income has escaped assessment within the meaning of section 147 of the Income-tax Act, 1961. The sanction under section 151(1) of the Income-tax Act, 1961, is solicited for is....

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....truly all material facts, nothing is brought to our notice which would suggest that there is any failure on the part of the assessee to disclose fully and truly all material facts. As per the proviso to section 147 of the Income-tax Act, 1961 the assessments beyond four years from the end of the relevant assessment year can be reopened only if there is failure on the part of the assessee to disclo....