TaxTMI 
TaxTMI 
2022 (4) TMI 625
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....titioner is a partnership firm and is engaged in the business of trading in diamonds. 3] The petitioner fled its original return of income in terms of section 139 of the Act for A.Y. 2015-2016 on 30.09.2015 declaring total income at Rs.Nil and claim to carry forward loss of Rs. 1,26,81,544 was also made. 4] The petitioner's return was selected for scrutiny assessment. According to the petitioner, during the course of assessment, several details pertaining to the petitioner's claim of foreign exchange losses and it's sundry creditors along with the books of accounts were called for and they were submitted. 5] According to the petitioner, respondent No.1 after scrutinizing all the details furnished by the petitioner and examining al....
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..... It is submitted that reassessment without any additional information amounts to change of opinion and the same is not permissible. 10] It is further submitted that the proviso to section 147 of the Act provides that where an assessment under section 143(3) of the Act has been made for relevant assessment year and four years from the end of the relevant assessment year has expired, then no reassessment proceedings can be initiated under section 147 of the Act unless any income chargeable to tax has escaped assessment for such assessment year by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment for that assessment year. It is submitted that the petitioner's case is ....
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....nta Landmark Pvt. Ltd. vs. Deputy Commissioner of Income Tax Central Circle 5(3) and ors. (2021) 439 ITR 168 has held: "The Assessing Officer has no power to review an assessment which has been concluded. If a period of four years has lapsed from the end of relevant year, the Assessing Officer has to mention what was the tangible material to come to the conclusion that there is an escapement of income from assessment and that there has been failure to fully and truly disclose material fact. After a period of four years even if the Assessing Officer has some tangible material to come to the conclusion that there is an escapement of income from assessment, he cannot exercise the power to reopen unless he discloses what was the material fact....