TMI Blog2016 (11) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... ening the assessment after four years. The reason to believe only indicates that the reasons for reopening is based on the assessment records and the balance sheet. In our view, the foundational requirement for reopening an assessment beyond four years had not been fulfilled, as per the proviso to Section 147, which is a condition precedent. Consequently, we are of the opinion that the notice issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case the Hon'ble ITAT was right in setting-aside the order of the CIT (A) by holding that the reassessment is invalid? (2) Whether on the facts and circumstances of the case the Hon'ble ITAT was justified in holding that there is no failure on the part of the assessee to disclose fully and truly all material facts and in view of the proviso to Section 147 the A.O. could not have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 U.P.T.C.-56 wherein while examining the provisions of Section 147 and 148 of the Act this Court has laid down as under:- 5. The scope and effect of Section 147 of the Act as substituted with effect from 01.04.1989 and also Section 148 of the Act are substantially different from the provisions as they stood prior to such substitution. Clause (a) and (b) of Section 147 of the Act laid dow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t both the conditions are required to be fulfilled in the event the case falls within the ambit of the proviso to Section 148 of the Act. In the instant case, the case is covered by the proviso. 6. The reasons to believe as recorded by the Assessing Officer does not aver that the assessee had failed to fully and truly disclose all material facts necessary for the assessment, which is a cond ..... X X X X Extracts X X X X X X X X Extracts X X X X
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