2008 (7) TMI 501

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..... notice under section 143(2) of the Act. On March 20, 1995, the petitioner-assessee filed a detailed reply where under in paragraph 4 it was stated "The details of the amount invested in the new house being Rs.11, 36, 477 in each case were duly enclosed along with the return of income . . ." The assessment order was framed on March 23, 1995, under section 143(3) of the Act after referring to the working of long-term gains in paragraph 3 of the assessment order. 3. The impugned notice dated March 22, 1999, has been assailed by the learned advocate for the petitioner on the ground that the said notice has been issued beyond a period of four years from the end of the relevant assessment year and, hence, as per the provisions of section 147 of .....

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..... e to tax has escaped assessment. However, proviso under the said section carves out an exception and shifts the burden on Revenue in a case where a period of four years has elapsed from the end of the relevant assessment year. The proviso stipulates three conditions. The Revenue is required to show from the record and the facts of the case that any one of the three conditions stands satisfied before the Assessing Officer can assume jurisdiction to issue notice for reassessment. 6. In the present case, admittedly, the conditions regarding non-filing of return and the condition regarding non-responding to statutory notice are not applicable. The third condition requires the Revenue to establish that there was any omission or failure on the p .....

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..... etails for computing long-term capital gains have been shown by the petitioner-assessee. Not only that, details of exemption claimed under section 54 of the Act in respect of investment in the new house have also been shown on a separate sheet. In fact the figures recorded by the Assessing Officer, in the reasons reproduced hereinabove, appear only from the details of exemption placed on record b the petitioner-assessee. 8. In the aforesaid set of facts and circumstances of the case, it is apparent that there is no omission or failure on the part of the petitioner-assessee as required by provisions of the proviso to section 147 of the Act. Hence, the impugned notice dated March 22, 1999, issued under section 148 of the Act, which is admitt .....

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