2017 (1) TMI 1723

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....gainst the order of CIT(A)-1, Bhubaneswar, dated 23.6.2016, for the assessment year2007-08 . 2. In Ground Nos.1 & 2 of the appeal, the assessee has challenged the reopening of assessment made by the Assessing Officer u/s.147 of the Act. 3. Ld A.R. of the assessee argued and submitted that it will be seen from the assessment order at page 1 that the Assessing Officer has observed that the ass....

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....r the provisions of section 2(22)(e) of the I.T.Act, 1961. Therefore, there is reason to believe that income escaped assessment, the case was reopened u/s.147 of the Act and, accordingly, notice u/s.148 was issued and served on the assessee on 3.3.2012. 4. He argued that from the above recorded reasons of the Assessing Officer, it will be seen that no new material had come to the knowledge of t....

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....vs DCIT, 343 ITR 141 (Del), wherein, the Hon'ble High Court has held as under: "......... If the Assessing Officer had failed to apply legal provisions/section of the Act, the fault cannot be attributed to the appellant assessee. The requirement is that the assessee should have failed or omitted to make full and true disclosure of material facts. The assessee is not required to disclose, ....

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....cial to the interest of Revenue, but limitation period for exercise of the said power had expired. The said error in applying a provision cannot be corrected in the present case due to the factual matrix, by exercise of power under Section 147 of the Act. It is not that the Revenue was remediless or the error could not be corrected or rectified. Due to delay and limitation, the remedial action can....