TaxTMI 
TaxTMI 
2015 (2) TMI 862
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....tiny of the return had taken place and vide order dated 29.11.2010, the assessment order was passed under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act'). Thereafter, on 14.10.2013, notice was issued under Section 147 of the Act. The petitioner replied to the notice vide letter dated 17.10.2013 demanding, inter alia, the reasons recorded. It appears that thereafter, vide communication dated 25.10.2013, the reasons were supplied to the petitioner. The petitioner filed objections vide letter dated 20.10.2014. The concerned officer, without considering the objections and without disposal of the objections filed by the petitioner against reasons recorded, proceeded for reassessment and ultimately, vide ....
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.... depreciation was not admissible as claimed by the Assessee and in spite of the same, such was made admissible and there was omission in the earlier assessment made. He, therefore, submitted that the action can be said as barred by first proviso to Section 147 of the Act. 6. Whereas, Mr.Mehta, learned counsel appearing for the respondent admitted that the objections were not disposed of before proceeding for reassessment. He is not in a position to dispute that the ground of notice under Section 147 of the Act read with the reasons recorded shows that it was on account of non-admissibility of the depreciation, the assessment was proposed to be reopened. The learned counsel for the revenue is not in a position to dispute the facts disclosed....
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....itted various documents including the audit report and the details about the salary of the partners. On 28.12.2010, the assessing officer passed a scrutiny assessment order under section 143(3) of the Act and while passing the said order, the survey made on 22.08.2008 and other relevant aspects were considered and the order was passed. 4. On 17.01.2014, the assessing officer issued notice under section 148 of the Act informing the petitioner that the income has escaped assessment for the assessment year 20082009 and vide letter dated 01.04.2014, the respondent provided reasons recorded for reopening of the assessment. On 17.06.2014, the petitioner filed objections against the reasons and it was contended inter alia that full disclosure was....
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....or the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year): Provided that where an assessment under subsection (3) of 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 assessee to make a return under section 139 or in response to a notice issued under subsection (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year....
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.... that once the petitioner succeeds to satisfy that full and true disclosures were made of the relevant material and thereafter, if the assessment order is passed, the bar of four years would apply. Apart from the aforesaid contention, as per Mr.Shah, it cannot be said that the income escaped the assessment and therefore section 147 of the Act cannot be invoked by the Department. 10. Whereas, Mr. Mehta, learned counsel appearing for respondent is not in a position to dispute the factual aspect that the true disclosure was made by the assessee for the remuneration paid to the partners and computed while computing the business income. He is also unable to dispute that the audit report showing the aforesaid details were produced. 11. In view ....