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2010 (9) TMI 1065 - HC - Income TaxWrit of certiorari - quashing the notice issued u/s 148 - period of limitation - HELD THAT:- The complete details have been furnished along with the return and during the course of assessment proceedings. More so, during the course of assessment proceedings, a notice was issued on 7-8-1998 by the assessing authority asking the petitioner to furnish the details of share income as shown in the computation of income and to furnish the details of the new investment made either in the immovable or in the movable property during the year, apart from the other queries. In pursuance thereof, the petitioner had furnished the details of the share income and the details of the new investment in the property. The assessment order has been passed after the proper enquiry and due consideration of the relevant materials relating to the sales of the shares. On these facts, we are of the view that there was no failure on the part of the assessee in disclosing fully and truly all material facts relating to sales of shares, expenses incurred, interest received and computation of capital gains. A notice was issued on 29-3-2003 beyond the period of four years. The AY involved is 1996-97. The four years expired on 31-3-2001. We have already held that it is not the case of the failure on the part of the assessee in disclosing fully and truly all material facts necessary for assessment. we are of the view that the impugned notice issued u/s 148 is barred by limitation being issued beyond the period of limitation inasmuch as no case of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment for the assessment year is made out. The writ petition is accordingly allowed and notice dated 28-3-2003 issued u/s 148 for the AY 1996-97 is hereby quashed.
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