2021 (4) TMI 406

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....03.2010 under Section 148 of the Income Tax Act, 1961, the petitioner filed returns and after scrutiny, for the assessment year 2007-08, the assessment order was passed on 30.12.2010, while for the subsequent year, the assessment order was passed on 21.12.2011. The petitioner is said to have paid all the taxes in terms of the aforesaid assessment orders. While so, the impugned notices were issued under Section 147 of Income Tax Act, 1961. The petitioner submitted his reply in response to the said notices. The petitioner had specifically challenged the very jurisdiction of the authority to issue the said notices. Rejecting the stand of the petitioner, the re-assessment orders were passed on 31.03.2016. They are under challenge in these writ....

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....ere an assessment under sub-section (3) of Section 143 of this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under Section 139 or in response to a notice issued under sub section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year: Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financia....

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....a further precondition for such exercise is imposed by the proviso namely that there has been a failure on the part of the assessee to make a return under Section 139 or in response to a notice issued under Section 142 or Section 148 or failure on the part of the assessment to disclose fully and truly all material facts necessary for his assessment for that assessment year. Unless the condition in the proviso is satisfied, the AO does not acquire jurisdiction to initiate any proceeding under Section 147 of the Act after the expiry of four years from the end of the assessment year. 7.It was further held in the aforesaid decision as follows:- "21.The duty of an assessee is limited to fully and truly disclose all the material facts. The ass....