TaxTMI 
TaxTMI 
2014 (11) TMI 188
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....ssment year 2006-07. The writ petition is also directed against the proceedings pursuant to the issuance of the impugned notice dated 28th March, 2013. 2. The learned counsel for the petitioner submitted that the notice under Section 148 of the said Act was issued beyond four years from the end of the relevant assessment year. As such, the conditions stipulated in the first proviso to Section 147 of the said Act would be relevant. The said proviso requires as of condition precedent that there should, inter alia, be a failure on the part of the assessee to fully and truly disclose all material particulars necessary for his assessment. 3. The learned counsel submitted that there has been a full and true disclosure of all the material pa....
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....under Section 143(3) of the said Act dated 1st December, 2008. The learned counsel drew our attention to the computation of income filed along with the return by the assessee, copy of which is found at pages 47 to 49. On examining the said computation of income, we note that the petitioner had categorically stated that tax was payable under the India-Australia Double Tax Avoidance Treaty as per Article 11(2) at the rate of 15%. The Note appended to the computation of income was as under:- "The assessee is a tax resident of Australia. Accordingly, the provisions of India-Australia Double Tax Avoidance Agreement shall apply to the extent beneficial to the assessee." 6. The learned counsel for the petitioner further pointed out that in t....
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....s". 5. During the year under consideration, the only item of income in respect of which the company was liable to tax, was on the interest earned on investments made in the past on Tax Savings Bonds. The interest on bonds were due to investments made in earlier years under sec.54EA /54EC to shelter capital gains arising on sale of certain properties in earlier years. 6. In addition the assessee also received interest on tax refunds as a consequence of certain favourable orders received from the appellate authorities. These too were duly offered to tax during this year. 7. As the assessee is a tax resident of Australia, the provisions of the Indo-Australian DTAT would be applicable to the extent they are more beneficial to the asses....
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....assessment. Secondly, there is, in fact, no non-disclosure inasmuch as the petitioner had made it clear in the computation of income that the rate of tax applicable was 15% in view of the Article 11(2) of the India-Australia Double Tax Avoidance Treaty. As per the said Article, the rate of tax more beneficial to the assessee would have to be applied. The said rate of 15% was accepted by the Assessing Officer, in view of the provisions of the Double Tax Avoidance Treaty. 10. It is clear from this that the Assessing Officer has considered this aspect of the matter and such consideration could not have been done unless and until the petitioner/assessee had made the full and true disclosure of the material particulars. 11. We may also poi....