2015 (12) TMI 1512

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....ment year 2008-2009. 2. Brief facts are as under: Petitioner is an individual. For the assessment year 2008-09, petitioner filed return of income on 31.03.2009 declaring total income of Rs. 1.26 lacs (rounded off). Such return was taken under scrutiny. Assessing Officer framed scrutiny assessment under section 143 (3) of the Act on 24.09.2010. To re-open such assessment, the assessing officer issued the impugned notice. At the request of the petitioner, he supplied in communication dated 07.04.2015 the reasons he had recorded for issuing the notice. Such reasons read as under: "The reasons for re-opening the assessment is as under: The assessee filed its return of income for A.Y.2008-09on 31.3.2009 declaring income o....

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....him before furnishing such return/such deposit being made in any case not later than the due date applicable in the case of the assessee for furnishing the return of income under sub-section (1) of section 139in an account in any such bank or institution as may be specified in, and utilised in accordance with, any scheme which the Central Government may, by notification in the official Gazette, frame in this behalf and such return shall be accompanied by proof of such deposit; and, for the purposes of sub-section (1), the amount, if any, already utilised by the assessee for the purchase or construction of the new asset together with the amount so deposited shall be deemed to be in the cost of the new asset. Under section 54F r.w.s.....

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.... residential unit did not qualify for deduction since such purchase was made after the last date for filing the return. 5. In the present petition, we are not concerned with the validity of the revenue's objection. It is on account of the fact that the notice for re-opening has been issued beyond the period of four years of the relevant assessment year in case of assessment which was originally framed after scrutiny. In that view of the matter, the twin conditions that the income chargeable to tax had escaped assessment and that the assessee failed to disclose truly and fully all material facts for such assessment must be satisfied. It is on account of the latter requirement that we need to peruse the materials on record. 6. The r....