TMI Blog2010 (5) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year. Held that: It is clear that for invoking the proviso to Section 147 beyond the period of four years, there must be failure on the part of the assessee to either make a return under Section 139 or in response to a notice under Section 147/148 or to disclose fully and truly all material facts necessary for the assessment for that assessment year. Insofar as the filing of the return is concerned, that is not in dispute and, therefore, the focus is entirely on whether the assessee had failed to disclose fully and truly all material facts necessary for the assessment. – Decided in favor of assessee It was not expected of the assessee to foresee or forecast a future amendment which was to be brought into effect retrospectivel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he notices under Section 148 could only be issued by invoking the proviso to Section 147 of the Income Tax Act, 1961. The said proviso makes it clear that no case can be re-opened after four years from the end of the relevant assessment year unless there is any income chargeable to tax which has escaped assessment for such assessment year, inter alia by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment of that assessment year. In the present case, what has happened is that after the original assessments were made, an amendment to Section 80 HHC was brought about by way of Taxation Laws (Amendment) Act, 2005 with retrospective effect from 01.04.1998. In terms of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice under Section 147/148 or to disclose fully and truly all material facts necessary for the assessment for that assessment year. Insofar as the filing of the return is concerned, that is not in dispute and, therefore, the focus is entirely on whether the assessee had failed to disclose fully and truly all material facts necessary for the assessment. The Tribunal, on an examination of the material on record, concluded that all the relevant facts were available on record and that it could not be said that at the time when the assessee filed the return, he had failed to disclose fully and truly all material facts necessary for the assessment because the amendment which was introduced retrospectively was not there at all. The Tribunal als ..... X X X X Extracts X X X X X X X X Extracts X X X X
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