2014 (1) TMI 803

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..... 2. The facts as disclosed would indicate that the assessment under Section 143 (3) of the I.T Act completed on 22.8.2004 was sought to be reopened by notice issued under Section 148 of the Act on 26.3.2008. It was inter alia indicated that the assessee is not eligible for proviso deduction under Section 80 HHC in view of the retrospective amendment made to the said provision by the 2005 amendment, that loss from export of trading goods is to be set off against profits from export of manufactured goods in view of the judgment of the Supreme Court and deduction of 90% of margin on processing commission from the business profits was against the Supreme Court decision. 3. The assessee contended that the assessment cannot be reopened after f....

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....ears. Reference is made to the proviso to section 147, which clearly indicate that where an assessment under section 143(3) has been made for the relevant assessment year, no action can be taken under Section 147 after the expiry of four years from the end of 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 on failure to disclose fully and truly all material facts on receipt of notice under section 142(1) or Section 148 of the Act. The Tribunal therefore found that when admittedly the notice under Section 148 is issued after expiry of four years based on the amended provision to section 80HH....