Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 116 - HC - Income TaxEscaped assessment U/s 147 of the Act - Period of limitation - Recomputing of income U/s 115JB - Held that:- In view of the retrospective amendment of law by Parliament, the court held that the Assessing Officer may have reason to believe that income has escaped assessment. But that in itself was not held to be sufficient for reopening an assessment beyond a period of four years unless there was a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. In Sesa Goa Ltd. v. Joint CIT [2007] (2004 (5) TMI 54 - BOMBAY High Court) , a Division Bench of this court has held that a subsequent decision of a court cannot justify the reopening of an assessment after a period of four years by itself, as the subsequent decision would not necessarily mean that there was a failure on the part of the assessee to disclose fully and truly all material facts. + In CIT v. K. Mohan and Co. (2013 (2) TMI 628 - Bombay High Court ), a Division Bench of this court dealt with an appeal arising from a decision of the Tribunal cancelling reassessment proceedings initiated by the Assessing Officer beyond a period of four years from the end of the relevant assessment year. The assessment was sought to be reopened as a result of a retrospective amendment to section 80HHC introduced by the Taxation Laws (Amendment) Act, 2005, with effect from April 1, 1998. - Decided in favor of assessee.
|