TMI Blog2013 (2) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... f an assessment beyond the period of four years from the date of assessment. This is a pre-condition set out in the statute itself. This pre-condition has not been satisfied the impugned notice ought to be set-aside - in favour of assessee. - W.P.(C) 4507/2012 - - - Dated:- 14-2-2013 - MR BADAR DURREZ AHMED AND MR R.V.EASWAR, JJ. For the Petitioner : Ms Kavita Jha with Mr Vaibhav Kulkarni, Advocates. For the Respondent : Mr Abhishek Maratha, Sr. Standing Counsel. JUDGMENT BADAR DURREZ AHMED, J (ORAL) C.M. APPL. No.9341/2012 (for exemption) Exemption allowed subject to all just exceptions. The application stands disposed of. W.P. (C) No.4507/2012 C.M. APPL. 9340/2012 Mr Maratha, Sr. Standing Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration and the net value of identifiable assets acquired, after adjustments was treated as Reserve. As, the assessee had received the benefit of Rs.2,87,90,431/- from the scheme of amalgamation, the same would be offered for tax as business Income. By doing so, the assessee has not disclosed the total income correctly to the extent of Rs.2,87,90,431/-. Based on the above facts, I have reason to believe that the income of the assessee chargeable to tax to the extent of Rs.2,37,90,431/- has escaped assessment. 4. In response to the said notice and purported reasons, the petitioner submitted its objections by virtue of its letter dated 08.05.2012. An opportunity of hearing was also granted to the petitioner whereupon the assessing offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the part of the assessee to fully and truly disclose all material facts necessary for its assessment. The purported reasons which we have extracted above do not even allege that there has been a failure on the part of the assessee to disclose any material fact. In fact, even in the impugned order dated 31.05.2012 there is no mention of what fact the assessee had failed to disclose which was necessary for the assessment in the original round of assessment. Failure to disclose all material facts necessary for assessment is a condition precedent for reopening of an assessment beyond the period of four years from the date of assessment. This is a pre-condition set out in the statute itself. 7. In view of the fact that this pre-condition h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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