2015 (12) TMI 1173

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....years even though there was no negligence on the part of the assessee in furnishing the particulars for completing the assessment. According to the Ld. representative, the assessee filed the return of income for the assessment year 2006-07 on 31.03.2006 admitting a total income of Rs. 3,94,460/- and agricultural income of Rs. 75,000/-. The assessment order was passed under Section 143(3) of the Income-tax Act, 1961 (in short 'the Act') on 23.10.2009 determining the total income at Rs. 4,52,236/- and agricultural income at Rs. 75,000/-. Subsequently, the Assessing Officer by a notice under Section 148 of the Act dated 28.03.2013 reopened the assessment on the ground that the sale consideration received by the assessee to the extent o....

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.... copy of the advance receipt was also filed before the Assessing Officer. Hence the credit of Rs. 6,50,000/- and the advance receipt of Rs. 96,75,000/- were explained before the Assessing Officer in the course of assessment proceedings by way of letter dated 21.10.2009. Therefore, according to the Ld. representative, there was no negligence on the part of the assessee in furnishing the details before the Assessing Officer. Since there was no negligence, according to the Ld. representative, the assessment cannot be reopened after expiry of four years from the end of the relevant assessment year. 4. On the contrary, Shri A.V. Sreekanth, the Ld. Departmental Representative, submitted that admittedly the assessment was completed under Sectio....

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....of the Department, clarified that the copy of the letter dated 21.10.2009 is very much available on the record of the Department. 5. We have considered the rival submissions on either side and perused the relevant material available on record. The original assessment under Section 143(3) of the Act was completed by an order under Section 143(3) of the Act on 23.10.2009. The assessment year under consideration is 2006-07. The four years period expired on 31.03.2010. Admittedly, the notice for reopening the assessment under Section 148 was issued on 28.03.2013 which is beyond the period of four years. 6. We have carefully gone through the provisions of Section 147 of the Act. The proviso to Section 147 clearly says that the assessment c....

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....09 and a copy of the letter is available on the files of the Department. The assessment proceeding was completed originally on 23.10.2009. The assessee filed the letter on 21.10.2009. Therefore, it is obvious that the details with regard to advance receipt of Rs. 96,75,000/- and the capital to the extent of Rs. 6,50,000/- were very much available on the file of the Assessing Officer. In other words, the assessee has furnished the details with regard to the capital said to be introduced by the assessee to the extent of Rs. 6,50,000/- and the receipt of Rs. 96,75,000/- as advance for sale of land at Chinnasalem. The assessee has also filed a copy of the agreement dated 01.03.2006 before the Assessing Officer. In those factual situation, this ....