2018 (3) TMI 803

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....Assessment Year 2010-2011. On 28.3.2013 the Petitioner had been assessed to tax in regular assessment proceedings under Section 143(3) of the Act. The impugned notice is admittedly beyond the period of 4 years from the end of the relevant Assessment Year. Therefore, it could only be issued on satisfaction of the first proviso to Section 147 of the Act, i.e. failure on the part of the Assessee to truly and fully disclose all material facts necessary for assessment. The reasons in support of the impugned notice proceeds on the basis that income chargeable to tax has escaped assessment on account of the following two grounds: (A) The change in the share holding pattern of the Petitioner Company during the previous year relevant to the subjec....

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....ing Officer the application of Section 79 of the Act on the aforesaid facts. This is a question of application of law and has nothing to do with the obligation as the Assessee makes full and true disclosure of all facts during the regular assessment proceedings. If all facts are truly and fully disclosed then reopening notice beyond the period of four years is barred by virtue of proviso to Section 147 of the Act. The reliance placed by Mr. Mohanty upon the decision of the Apex Court in Indo-Aden Salt Mfg. & Trading Co. P. Ltd. v. CIT, Bombay reported in (1986) 159 ITR Page 624 deals with nondisclosure of complete facts and not with the issue of nondisclosure of provision of law. Therefore, not applicable to the present facts. In fact, long....