TMI Blog2010 (9) TMI 197X X X X Extracts X X X X X X X X Extracts X X X X ..... e chargeable to tax has escaped assessment - secondly, the AO must have reasons to believe that such escapement occurred either due to omission or failure on the part of the respondent-assessee to disclose fully and truly all material facts necessary for its assessment - AO has failed to prove and establish that there was failure on the part of the assessee to disclose fully and truly all material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anding counsel for Revenue submitted that the Tribunal had erred in law in upholding the order of Commissioner of Income Tax (Appeals) who had quashed the re-assessment proceedings initiated under Section 147/148 of the Act. 3. It is pertinent to mention that the reason for reopening the concluded assessment proceedings was the decision for Assessment Year 2000-2001 wherein such warrantees, gu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd one of the conditions precedent in the first proviso to Section 147 of the Act had not been fulfilled in the present case. The first proviso to Section 147 which provides extended limitation for reassessment i.e. beyond the period of four years reads as under:- "Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant Assessment Yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sly fulfilled i.e. firstly, the AO must have reasons to believe the income chargeable to tax has escaped assessment and secondly, the AO must have reasons to believe that such escapement occurred either due to omission or failure on the part of the respondent-assessee to disclose fully and truly all material facts necessary for its assessment [See CIT vs. Rajesh Jhavery Stock Brokers Pvt. Ltd. (20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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