Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (10) TMI 431 - AT - Income TaxReopening of assessment u/s 147 r.w section 148 – True and full disclosure - Unexplained cash credit u/s 68 - Held that:- Assessee’s case falls within the proviso to section 147 because assessment had been completed u/s 143(3) and the reopening has been made after 4 years from the end of relevant assessment year - on a mere change of opinion on the same set of facts, there cannot be any reopening - In order to clothe with the jurisdiction of reopening to assessing officer after four years from the end of relevant assessment year, there should be failure on the part of the assessee to disclose fully and truly all material facts, necessary assessment - Mere escapement of income is not sufficient, but it should be coupled with the omission on the part of assessee to disclose fully and truly all material facts - once the information has been received by assessing officer regarding accommodation entries being taken by assessee from the Investigation Wing, then he has no course of action open except to resort to the provisions of section 147 - in case of assessment completed u/s 143(3) after four years, mere escapement of income, cannot give jurisdiction to him to reopen the assessment - The reasons recorded by AO have to be examined to find out whether the mandate of proviso to section 147 in such cases have been met or not. Relying upon CIT. Versus VINIYAS FINANCE AND INVESTMENT PVT LTD. [2013 (3) TMI 35 - DELHI HIGH COURT] - assessee had filed all the details in regard to the loans in the original assessment proceedings u/s 143(3), which were examined by AO, the escapement cannot be said to be on account of failure on the part of assessee to disclose fully and truly all material facts, necessary for assessment – thus, the reopening of assessment proceedings, initiated by the AO u/s 147 is are bad in law – Decided in favour of assessee.
|