2022 (4) TMI 1500

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.... determining the total income of the assessee at Rs.3,51,620/-. Subsequently, the AO reopened the assessment by recording the following reasons: "The undersigned has clear evidences that the assessee has made transactions during the relevant assessment year. In view of the above facts, I have reason to believe that an income of Rs.39,76,192/- during the year which was chargeable to tax has escaped assessment. Accordingly, in this case, no scrutiny assessment was made and the only requirement to initiate proceedings u/s 147 is reason to believe which has been recorded above. It appears that capital gain on the sale of property is likely to be more than Rs.1 lac and hence I have reasons to believe that there is escapement of....

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.... change of opinion. 4. The CIT(A) erred in holding that the value of the land declared for stamp duty purposes was more than the sale consideration mentioned in sale deeds. 5. The CIT(A) erred in facts and law in confirming the addition of Rs.39,76,192/-." 5. The ld. Counsel for the assessee at the outset drew the attention of the Bench to the reasons recorded, copy of which is placed at page no. 36 of the paper book. He submitted that the assessment year involved in this case is assessment year 2011- 12 and the notice u/s 148 was issued on 29.03.2018 which is beyond a period of 4 years from the end of the relevant assessment year. The original assessment was completed u/s 143(3) and in the reasons recorded there is no ....

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....ely no allegation whatsoever by the AO of any failure on the part of the assessee to disclose fully and truly all material facts necessary for completion of assessment. 8. I find the Hon'ble Delhi High Court in the case of JSRS Udyog Ltd. Vs. ITO reported in 313 ITR 321 and relied on by ld. Counsel while quashing the re-assessment proceedings has observed as under: "The Assessing Officer issued the notice under section 148 of the said Act on March 28, 2008, beyond the period of four years. As such, the proviso to section 147 would become applicable. Under the proviso itself, it is necessary that before any action is initiated, it must be pointed out that the assessee had failed to make a true and full disclosure of all the mater....