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2014 (10) TMI 6 - HC - Income TaxReopening of assessment u/s 147 – Full and true disclosure – bar of limitation - Held that:- The return of income was furnished by the assessee on 31.10.2001 and the assessment was framed by the AO u/s 143(3) - The notice u/s 148 was issued by the AO on 31.03.2007 after a period of four years from the end of the relevant assessment year – relying upon Ganga Saran & Sons P. Ltd. Vs. Income-Tax Officer and others [1981 (4) TMI 5 - SUPREME Court] - It there is no rational and intelligible nexus between the reasons and the belief, so that, on such reasons, no one properly instructed on facts and law could reasonably entertain the belief, the conclusion would be inescapable that the Income Tax Officer could not have reason to believe that any part of the income of the assessee had escaped assessment and such escapement was by reason of the omission or failure on the part of the assessee to disclose fully and truly all material facts and the notice issued by him would be liable to he struck down as invalid - the Tribunal was justified in holding that the initiation of proceedings u/s 148 was barred by limitation – Decided against revenue.
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