TaxTMI 
TaxTMI 
2022 (6) TMI 807
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....ion of India assails the notice dated 27.03.2021 (Annexure P/3) issued u/S 148 of the Income Tax Act,1961 (for brevity "the IT Act") asking the petitioner to explain as to why the assessment proceedings be not re-opened to assess escaped income for assessment year 2013-14. Further challenge is made to the rejection vide Annexure P/7 of the reply objecting to the re-opening of assessment. 2. Learned counsel for petitioner and that of the Revenue are heard on the question of admission so also on final disposal. 3. The principal contention of learned counsel for petitioner is that in the light of proviso to Section 147 of the IT Act, assessment proceedings cannot be re-opened after expiry of four years from the end of the relevant....
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....ubject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year): Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any ....
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....ssessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax; (b) where a return of income has been furnished by the assessee but no assessment has been made and it is noticed by the Assessing Officer that the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return; [(ba) where the assessee has failed to furnish a report in respect of any international transaction which he was so required under section 92E;]. (c) where an assessment has been made, but- (i) income chargeable to tax has been underassessed; or (ii) such income has been assessed at loo low a rate; or (iii) such inco....
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.... 2012.]" 6. A bare perusal of the aforesaid provision contained in Section 147 of the IT Act including the proviso and Explanation-1, reveals that the bar excluding jurisdiction of Assessing Authority to re-open cases relating to assessment year more than four years old, is subject to exceptions, which are as follows :- i) The first being that if any income chargeable to tax had escaped assessment for any assessment year by reason of failure of the assessee to make a return u/S 139 of the IT Act, or ii) Failure of the assessee to disclose fully and truly all material facts necessary for assessment for the particular assessment year. 6.1 The Explanation-1 circumscribes the aforesaid exception (ii) that if the m....