2018 (4) TMI 1289

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....ear was completed on 29th March, 2012 under Section 143(3) of the Act and the impugned notice is beyond four years from the end of the relevant Assessment Year 2010-11. Therefore, the impugned notice would have to satisfy the first proviso to Section 147 of the Act before the Assessing Officer can assume the jurisdiction. The reasons in support of the reopening notice proceed on the basis of verification of record. It does not mention any failure to disclose truly and fully all material facts necessary for the Assessment. However, on reading of the reasons as a whole, it appears to be the case of the Revenue that Respondent had received interest on refund for the Assessment Year 2008-09 of Rs. 325.14 Crores as a part of refund of Rs. 303....

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....uirement of examination would itself indicate that the view taken by the Petitioner is, prima facie, a possible view, as it is in accordance with the Special Bench decision of the Tribunal. This, itself would warrant admission. 4. Moreover, it is contended by the Petitioner in its objections that the order dated 26th March, 2010 on its rectification application was not served upon it. The same is not denied/ disputed by the Revenue. Thus, it is contended that there could be no failure to disclose fact not to their knowledge at the time of filing the return of income. It is contended by the Revenue that indirectly, they were aware of it. This also would require consideration. 5. Besides the above, we notice that in the present facts, P....

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....he Assessing Officer to unsettle, settled issues/ assessment. Therefore, the exercise of such a power can only be done as the Assessing Officer fulfilling the conditions precedent for issuing the notice. The notice of reopening has to be issued within the time provided for reopening notice (date of service is immaterial). The Courts have held the date of handing over to the postal authorities, would be considered as the date of issue. Similarly, the sanction under Section 151 of the Act is also a condition precedent to issue the reopening notice. Therefore, the Assessee is entitled to ask the Revenue whether or not, the condition precedent for reopening the assessment, i.e. date of posting of the notice and a copy of the sanction order from....