TaxTMI 
TaxTMI 
2008 (4) TMI 15
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....) and 147 of the Income Tax Act, 1961 (for short as Act ) ignoring the provisions of Section 149(1)(a) of the Act. 3. Brief facts leading to dispute are that the original assessments for the assessment years 1991-92, 1992-93 and 1993-94 were completed on 28^th October, 1993, 26^th November, 1993 and 18^th January, 2004 respectively under Section 143(3) of the Act at an income of Rs. 3,27,170/-, Rs. 7,84,160/- and Rs.6,21,830/- respectively. Subsequently, the Assessing Officer came to know that ratable value in respect of properties bearing No.B-6 and B-7, Asaf Ali Road, New Delhi owned by the Assessee have been determined at Rs. 10,28,900/- by the Municipal Corporation of Delhi against Rs. ....
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.... 1992-93 and 1993-94 respectively) before the Tribunal and vide the impugned order dated 29^th July, 2005, the appeals were rejected by the Tribunal. The Tribunal had quashed the re-assessment proceedings by holding that the same is barred by limitation. It was held that the case is covered by the proviso to Section 147 of the Act and it is not the case where there has been failure on the part of the Assessee to disclose truly all facts on records but the Assessing Officer had reopened the assessment after he came to know that the Assessee had not disclosed the correct valuation of the property. The assessment was reopened on the basis of the subsequent information received from Municipal Corporation of Delhi, as such the proviso to Section....
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.... allowance or any other allowance, as the case may be, for the relevant assessment year. 12. However, where an assessment under Section 143(3) of the Act or this Section has been made for the relevant assessment year and the initiation is taking place after the expiry of four years from the end of the relevant assessment year, the proviso to Section 147 of the Act would be attracted and no action can be taken under Section 147 of the Act unless such income has escaped assessment by reason of the omission or failure on the part of the Assessee to make a return under Section 139 of the Act or failure to file a return in response to a notice under Section 142(1) or Section 148 of the Act, or to disclose f....
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.... or if a material is such of which the Assessee had no knowledge there would be no duty to disclose such material. 15. From the narration of facts given above, it is clear that the returns for all the three assessment years had been filed by the Assessee and there was no failure to file returns and further during the course of assessment for assessment years, all material facts had been disclosed fully and truly and assessment was completed under Section 143(3) of the Act after scrutiny. As the Assessee can be fastened with the duty to disclose such facts or materials as are in existence at the relevant time and which are known to him, the initiation under Section 147 of the Act based on the order of M....
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....the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to Rs.50,000/- or more for that year and if seven years, but not more than ten years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to Rs. 1 lac or more for that year. 18. In the present case, the Assessing Officer served the notice under Section 148 of the Act later than 4 years. There was no deliberate concealment of the facts by the Assessee. The assessment was reopened on the basis of the subsequent information received from Municipal Corporation of Del....