AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2024 (6) TMI 565
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....sment order passed u/s 147r.w.s. 143(3) of the Act, as bad in law. 2. At the outset, the Ld. AR submitted that the appellant has filed his return u/s 44AF at an income of Rs 1,05,670/- by applying 5% profit on the total turnover Rs 21,13,360/-. The assessment was completed u/s 143(3) of the Act at an income of Rs. 39,66,365/- on 12.12.2011 by making addition on account of cash deposits in Saving Bank Account number 147010100162371maintained with Axis Bank Ltd. In the regular assessment, the additions made were deleted by Ld. CIT (A) vide order dated 27.02.2013 on the ground that the assessment made u/s 143(3) by the AO was time barred. Thereafter, assessment proceeding in the present case was reopened by issuing notice u/s 148 of the Act d....
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....levant part of the same reads as under: Particulars Page Copy of assessment order passed u/s 143(3) of the Income Tax Act 1961 dated 12.12.2011 27-30 Reasons for initiating proceedings under section 148 of the I.T. Act, 1961. 37 Copy of Approval u/s 151 31-34 Copy of assessment order passed u/s 144/147 dated 28.03.2016 6-8 2 It must also be borne in mind that a notice u/s 148 dated 31.03.2015 has been issued after the expiry of 4 years from the relevant assessment year 2008-09 and the assessment was completed u/s 143(3) on 12.12.2011 [Please refer page no 27-30 of the PB], Therefore, the Assessing Officer was obliged to examine the information received in the context of the facts on record. If such an exercise were to be done....
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.... the factum of failure to disclose can be culled down from the reasons in support of the notice seeking to reopen assessment, that will certainly not be fatal to the assumption of jurisdiction under sections 147 and 148, the reasons, does not indicate anything cogent or clear that in fact there was failure on the part of assessee to disclose truly and fully all material facts necessary for its assessment. The copy of reasons recorded is enclosed at page no 37 of the PB. 11.4 In this regard reliance is being placed upon the following case laws in which various courts have held that where the reasons recorded fail to whisper that there was any failure on the part of the assessee to disclose fully and truly all material facts, in such a cas....
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....nt, impugned reopening notice issued beyond period of four years was unjustified - An instant special leave petition was filed by revenue against said order passed by High Court - Whether SLP was to be dismissed against said impugned order of High Court - Held, yes [Para 2] [In favour of assessee] c) [2015] 59 taxmann.com 391 (Punjab & Haryana) HIGH COURT OF PUNJAB & HARYANA State Bank of Patiala v. Commissioner of Income-tax* Section 32, read with section 148, of the Income-tax Act, 1961 - Depreciation - Allowance/Rate of (Rate of depreciation/ATMs) - Assessment years 2005-06 to 2007-08 - Assessee bank installed ATMs, and claimed depreciation at rate of 60 per cent by treating it as computer - Assessing Officer sought to reopen case ....
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....to disclose truly and fully all material facts necessary for assessment. 6. Thus, the entire proceedings in the present case would be hit by 1st proviso to section 147 which bars any reopening after the expiry of four years where assessment under section 143(3) has been completed unless there was failure to disclose material facts truly and fully. The relevant text of the section is being produced hereunder: - Provided that where an assessment under sub-section (3) of section 143 or 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 assessmen....