2013 (5) TMI 612

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....6/2011, dismissing the appeal filed by the revenue against the order passed by the Income Tax Appellate Tribunal on 26.02.2010 in ITA NO.4622/Del./2009 on its file, setting aside the reassessment proceedings initiated under section 147 of the Act as being without jurisdiction. 2. The assessment of the assessee for the assessment year 2001-02 was completed under section 143(3) of the Income Tax Act on 19.3.2004. On 31.3.2008, acting on the basis of material which was stated to have been furnished to him, the assessing officer issued a notice under section 148 reopening the assessment on the ground that income chargeable to tax had escaped assessment. Detailed reasons were recorded by the assessing officer for reopening the assessment. He re....

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....ed for by the assessing officer vide letter dated 20.12.2002 including information about the introduction of share capital, vide letter dated 16.1.2003. According to the Tribunal, when the original assessment proceedings were completed on 19.3.2004, all the relevant information was available with the assessing officer. The Tribunal perused the reasons recorded for reopening the assessment and found that they did not contain any information on the basis of which it could be said that the assessee failed to disclose fully and truly all material facts necessary for its assessment. In the absence of a specific averment in the reasons recorded to the effect that the assessee failed to make a full and true disclosure, the Tribunal took the view t....

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....terial adverted to in other assessment proceedings, in the opinion of this Court certainly cannot be said to constitute sufficient "reasons to believe" to warrant a notice under Section 148 during the extended period within the meaning contemplated by law." 6. In the present review petition it is claimed that the list of beneficiaries, did exist and was sent by the Additional Director of Investigation to the assessing officer vide letter dated 26.3.2008. It is conceded that the list "was not available on the file produced before this Hon'ble Court but had been seen by the ADIT to the CIT-III on 26.03.2008 and has been located in other files subsequently"; a copy of the list is attached to the present review petition. On this basis it is co....