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2021 (10) TMI 796 - HC - Income TaxReopening of assessment u/s 147 - reasons to believe - whether no failure to truly and fully disclose material facts and in any case, it was a mere case of change of opinion and there was no fresh tangible material for initiating reassessment proceedings? - HELD THAT:- In the present case there is no failure on the part of the assessee to truly and fully, disclose all primary facts necessary for the purpose of assessment. It cannot be stated that the condition precedent to the reopening of the assessment beyond the period of four years has been fulfilled. As only as an attempt to take the case out of the restrictions imposed by the proviso to Section 147 of the Act. The other reason given in the reason for reopening of the assessment is that the assessee had shown 35 constructed units valuing as on 31.03.2012. However, no income under the head income from House Property has been offered by the assessee during the year under consideration. This reason is not mentioned in the reasons to believe that the income has escaped assessment by reason of failure on the part of the assessee to disclose fully and truly all material facts. Thus, this reason too cannot be considering as fulfilling the condition precedent to the reopening of assessment beyond the period of four years as per the applicable proviso to Section 147 of the Act. - Decided in favour of assessee.
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