TMI Blog2009 (8) TMI 221X X X X Extracts X X X X X X X X Extracts X X X X ..... material fact was fully and correctly disclosed and available even at the time of assessment itself, the Assessing Officer or the authority concerned have not given any reason, much less sufficient reason, to say that this matter was not brought to the knowledge of the Department and that there was a wilful suppression of material so as to treat this as an escaped assessment. - held that the assessee had disclosed fully and truly all material facts necessary for completion of assessment while filing the return and as such the reopening beyond four years is bad in law and without any jurisdiction. - 717 of 2009 - - - Dated:- 4-8-2009 - F. M. IB RAH IM K ALIF ULLA and B. RAJENDRAN JJ. Arun Kurian Joseph for the appellant. JUDGM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urn and as such the reopening beyond four years is bad in law and without any jurisdiction. 4. Aggrieved by the orders of the Commissioner of Income-tax (Appeals), the Revenue filed an appeal before the Income-tax Appellate Tribunal. The Appellate Tribunal also held that the reassessment, having been initiated after four years from the end of the assessment year and there being no finding that there was any failure on the part of the assessee to make a full and true disclosure of material facts, the reassessment is bad in law and accordingly, dismissed the appeal preferred by the Revenue. 5. Aggrieved by the orders passed by the Appellate Tribunal, the Revenue has filed this appeal before this court. 6. We heard Mr. Arun Kurian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 143(3) of the Act. 8. At this juncture, it is pertinent to point out that it was not the case of the Department that the assessee had not at all revealed the payment of excise duty, but what they have stated is that they have shown the expenditure, claiming exemption under section 43B of the Act. Since the goods were not cleared in that particular year, they ought not to have claimed the exemption during the relevant year. When admittedly, this material fact was fully and correctly disclosed and available even at the time of assessment itself, the Assessing Officer or the authority concerned have not given any reason, much less sufficient reason, to say that this matter was not brought to the knowledge of the Department an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ginal assessment. The Tribunal applying the right principles had come to the correct conclusion. There was no error or legal infirmity in the order of the Tribunal so as to warrant interference." (iii) In the decision reported in the case of CIT v. Elgi Finance Ltd. [2006] 286 ITR 674 (Mad), it held as follows (headnote) : "Held, dismissing the appeal, that when the factual finding was that the assessee-company had fully and truly disclosed all material facts necessary for computing the depreciation allowance in the course of the original assessments completed under section 143(3) itself, the period of limitation applicable to the reopening for these two years would be a period of four years prescribed in the proviso to section 147. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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