2016 (7) TMI 850

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.... for A.Y. 1986-87. This petition was admitted on 18th September, 1996 by this Court. On 7th November, 1996, this Court directed that it would be open to the Assessing Officer to finalise the assessment, but not serve it upon the petitioner. 2. During the subject assessment year, the petitioner had claimed investment allowance under Section 32A of the Act. This was in respect of additions made to its plant and machinery during the previous year relevant to the subject assessment year. However, the Assessing Officer rejected the petitioner's claim for investment allowance by considering it in the assessment order dated 20th February, 1989 passed under Section 143(3) of the Act in regular assessment proceedings. This rejection of the cl....

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....n to believe for reopening of assessment for the A.Y.s 86-87 and 89-90," 5. The impugned notice is admittedly beyond the period of 4 years from the end of the relevant assessment year. The reasons as produced hereinabove do not disclose any failure on the part of the petitioner to truly and fully disclose all material facts necessary for assessment, even when the reasons are read as a whole. Accordingly, the impugned notice would be hit by the first proviso to Section 147 of the Act and, therefore, without jurisdiction. This is for the reason that even though a decision of a Court merely declares the law and it would apply retrospectively yet the sine qua non of failure to disclose all material facts to invoke the extended period as prov....