TMI Blog2011 (3) TMI 1497X X X X Extracts X X X X X X X X Extracts X X X X ..... There is not even a whisper to the effect that income has escaped assessment on account of any failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment - the requirements of the proviso to section 147 of the Act are not satisfied - in the absence of any satisfaction having been recorded by the Assessing Officer that income has escaped assessment by reason of failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment for the assessment year under consideration, the assumption of jurisdiction under section 147 of the Act, is invalid - The notice under section 148 of the Act cannot be sustained – Decided in favour of Assessee. - S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the fact that the original assessment for the assessment year 1989-90, was framed under section 143(3) of the Act and that the same is sought to be reopened beyond a period of four years, from the end of the said assessment year, to submit that when an assessment is framed under section 143(3) of the Act, the same can be reopened beyond a period of four years, if and only if an income chargeable to tax has escaped assessment by reason of failure on the part of the assessee : (i) to make a return under section 139 or in response to notice issued under sub-section (1) of section 142 or section 148 ; or (ii) to disclose fully and truly all material facts necessary for his assessment for that assessment year. It was submitted that in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t case in the light of the aforesaid legal position, a perusal of the reasons recorded shows that there is not even a whisper to the effect that income has escaped assessment on account of any failure on the part of the petitioner to disclose fully and truly all material facts necessary for its assessment. Even in the affidavit-in-reply filed by the respondent, there is no allegation of any such failure on the part of the petitioner. In the circumstances, it is apparent that the requirements of the proviso to section 147 of the Act are not satisfied. Consequently, in the absence of any satisfaction having been recorded by the Assessing Officer that income has escaped assessment by reason of failure on the part of the petitioner to disclose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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