TaxTMI 
TaxTMI 
2013 (3) TMI 35
X X X X Extracts X X X X
X X X X Extracts X X X X
....on 148 of the said Act issued by the Assessing Officer to the respondent- assessee for re-opening of the assessment pertaining to the said assessment year 2002-03. The said notice was issued on 30.07.2007 beyond the period of four years and, therefore, the respondent-assessee had raised the issue as to whether the Assessing Officer had jurisdiction at all to issue the said notice inasmuch as the provisions of Proviso to Section 147 would become applicable. One of the pre-conditions for invoking Proviso is that there must be failure on the part of the assessee to disclose fully and truly all material facts necessary for the purpose of assessment. It was the case of the respondent-assessee that this pre- condition had not been satisfied an....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s disposed of the said appeal and the cross-objection by the common impugned order dated 18.11.2011. The Tribunal accepted the cross-objection of the respondent- assessee on the point of jurisdiction and held the issuance of notice under Section 148 of the said Act to be bad on account of the fact that there was no failure to disclose fully and truly all material facts for the purposes of assessment on the part of the respondent-assessee. Insofar as the question of merits was concerned, the Tribunal did not examine the same inasmuch as it had held the re-opening itself to be bad. 4. On going through the decision of the Tribunal we find that the Tribunal was impressed by the fact that in the reasons there should have been recorded that th....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... regard to the second portion of the proviso, which relates to failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment. Insofar as this pre-condition is concerned, there is not a whisper of it in the reasons recorded by the Assessing Officer. In fact, as indicated above, the Assessing Officer could not have made this a ground because the Assessing Officer had required the petitioner to furnish details with regard to loss occasioned by foreign exchange fluctuation which the petitioner did not by virtue of the reply dated 5.2.2002. Since the petitioner had fully and truly disclosed all the material facts necessary for the assessment, the pre- condition for invoking the proviso to section ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... section 143 or this section has been made for the relevant assessment year, no action shall be taken under this 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 assessment 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 the assessment year." 6. In the present case the purported reasons to believe that income had escaped assessment were as under:- "Reasons of the belief that income has escaped Assessemnt. In this cas....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Pololeasing & Fin. (P) Ltd. Rs. 600000 162529 18.12.01 SB Mysore, KB 8. -do- Rs. 350000 812701 20.12.01 Vijay Bank, R. Nagar 9. -do- Rs.500000 812722 8.01.02 -do- 10. -do- Rs. 500000 812730 18.01.02 -do- 11. -do- Rs. 300000 812723 26.02.02 -do- 12. Satwant Singh Sodhi Const.(P) Ltd. Rs. 100000 816140 18.01.02 -do- 13. -do- Rs. 300000 816144 01.02.02 -do- 14. -do- Rs. 600000 816143 06.02.02 -do- 15. -do- Rs. 500000 826823 22.03.02 -do- 16. M.V. Mktg. (P) Ltd. Rs. 300000 816086 01.03.02 -....