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Commissioner of Income Tax Versus M/s Inland Wather Ways Authority of India

2016 (11) TMI 891 - ALLAHABAD HIGH COURT

Validity of reopening of assessment - Held that:- 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 condition precedent for reopening 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 asses .....

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njay Awasthi For the Respondent : Siddharth Khare ORDER Heard Sri Shubham Agrawal, learned Counsel for the department and Sri Sidharth Khare, learned Counsel for the respondent-assessee. This is an appeal under Section 260-A of the Income Tax Act, 1961 against an order passed by the Tribunal dated 12.09.2008 for the assessment year 1996-97. The questions of law referred to are hereunder:- "(1) Whether on the facts and circumstances of the case the Hon'ble ITAT was right in setting-aside .....

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tisfaction on the part of the assessing authority who was reopening proceedings after four years that there was any failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment of that year. In the absence of any such recording of reason the Tribunal has rightly come to the conclusion that the terms of proviso to section 147 and the provisions of Section 148 were not satisfied and, therefore, the reassessment proceedings were not to be initiated .....

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b) of Section 147 of the Act laid down the circumstances under which income escaped assessement could be assessed or reassessed. Section 147 contemplated two conditions which were required to be satisfied, namely, that the Assessing Officer must have reasons to believe that income, profit or gain chargeable to tax have escaped assessment, and secondly, he has reasons to believe that such escapement had occurred by reason of omission or failure on the part of the assessee to disclose fully or tru .....

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