2008 (7) TMI 1008

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....ment of facts stated in the memorandum of appeals are as follows : The assessee, a manufacturing company, filed its return of income for the asst. yr. 1997-98 on 28th Nov., 1997 admitting a total income of Rs. 3,58,47,450 under normal method of computation and a sum of Rs. 6,17,98,693 under the provisions of s. 115JA. The return was processed under s. 143(1)(a) accepting the return of income. The assessment was completed under s. 143(3) on 27th March, 2000. Subsequently, the case was reopened under s. 147 of the IT Act by issuing notice under s. 148 on 27th Jan., 2003. The AO computed the income of the assessee on various heads and completed the assessment. While doing so, the AO rejected the claim of the assessee for deduction of intere....

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....her the reopening of the assessment after the expiry of four years would come within the exception stated in the proviso to s. 147 of the IT Act, in the facts and circumstances of the case ?" 4. Heard the arguments of the learned counsel for the appellant and perused the materials placed on record. 5. On a reading of the order passed by the Tribunal, which is impugned in the appeals, we are of the view that we cannot find fault with the reasoning given by the Tribunal in non-suiting the Revenue for reopening the assessment. After extracting the relevant provision, viz., s. 147 of the IT Act and the proviso thereto, the Tribunal has recorded a clear finding to the effect that the assessee has truly and fairly disclosed the facts regard....