Reopening of Tax Assessment Invalid: No Justification u/s 147 Without Assessee's Failure to Disclose Material Facts.

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....Reopening of assessment u/s 147 - Even for a moment we assume that the observations of the Tribunal could be stated to be a finding or a direction as contemplated by Section 150 of the Act, still in view of the proviso to Section 147 of the Act, the reopening cannot be stated to be valid. There is nothing in the reasons for reopening to indicate that there was any escapement of income due to failure on the part of the assessee to truly and fully disclose material fact. - HC....