2018 (7) TMI 464

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....ber 2016 and the order dated 15 December 2017 passed by the Respondent no.1 - The Assistant Commissioner of Income Tax. The Petitioner is a Cooperative Bank. For the assessment year 2010-11, the Petitioner filed its e-return on 25 September 2011 declaring its total income of Rs. 92,73,140/-. The return was processed under Section 143 (1) of Income Tax Act. On 5 May 2011 the Petitioner case was selected for scrutiny. A Notice under Section 143 (2) dated 25 August 2011 was issued. The Chartered Accountant of the Petitioner supplied the necessary information and clarified the position of accounts etc. The requisite documents were produced. The Assessing Officer took into consideration the debits of a sum of Rs. 6,12,701/- pertaining to Agricu....

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....Ms.Susan Linhares, learned Standing Counsel for the Respondents   6. In the present case the assessment is sought to be reopened after a period of four years. It is settled law that under Sections 147 and 148 of the Income Tax Act, if the assessment is sought to be reopened after the period of four years from the end of relevant assessment year, it showed that there has been a failure on the part of the assessee to disclose the material facts. This requirement has been held in catena of the judicial pronouncement, as a jurisdictional requirement for the Assessing Officer to proceed for reassessment. If the jurisdictional requirement is not present, it is open to the assessee to challenge the action of the reopening by invoking Article....