Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2023 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 691 - BOMBAY HIGH COURTReopening of assessment u/s 147 - Reopening beyond period of four years - reasons to believe - bogus shares capital/premium from bogus paper companies - HELD THAT:- As Section 147 of the Act is very clear that no action shall be taken under the said Section after the expiry of 4 years from the end of the relevant assessment years unless any income chargeable to tax has escaped assessment by reason of the failure on the part of assessee to disclose fully and truly all material facts. First of all, it is not spelt out in the reasons to believe as to what was the material fact which was not truly and fully disclosed. Having considered the submissions of petitioner during the course of original assessment proceedings and the findings of CIT(A) as well as ITAT, we are also satisfied that there was no failure on the part of petitioner to disclose fully and truly any material fact. Even assuming, respondents’ case is petitioner should have disclosed that these were bogus or accommodation entries, still there is nothing on record to indicate that petitioner was aware that these were bogus shares capital/premium from bogus paper companies, viz., SHPL and SCPL and were accommodation entries. We hereby quash and set aside the notice issued u/s 148. Decided in favour of assessee.
|