2016 (3) TMI 1204

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..... in both the appeals, we heard them together and disposing of the same by this common order. 2. Shri R.Vijayaraghavan, ld. Counsel for the assessee submitted that the first issue arises for consideration in both the appeals is reopening of assessment u/s 147 of the Act. 3. According to the ld. Counsel, for the assessment year 2003- 04, the assessee filed the return of income on 28.11.2003. The return was processed u/s 143(1) of the Act and intimation was issued on 12.3.2004. The assessee filed a revised return on 5.1.2005. Subsequently, the Assessing Officer completed the assessment u/s 143(3) r.w.s 92CA of the Act on 29.3.2006. Thereafter, the Assessing Officer found that the income otherwise chargeable to tax has escaped assessment on v .....

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..... y, Shri Pathlavath Peerya, ld. Departmental Representative submitted that mere production of books of account and other documents before the Assessing Officer in the original assessment proceedings does not imply that the assessee has fully and truly disclosed all the material facts before the Assessing Officer. Referring to Explanation 1 to sec. 147, the ld. DR submitted that mere production of books of account or other evidence would not be considered as producing all the material facts relevant for completing the assessment. In view of Explanation 1 to sec. 147, according to the ld. DR, the Assessing Officer has rightly reopened the assessment. 6. We have considered the rival submissions on either side and also perused the material avai .....

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..... g the relevant material, the assessment cannot be reopened after expiry of fours from the end of the relevant assessment year. In the case before us, for both the assessment years, the four years period has expired and there was no negligence on the part of the assessee in producing the material before the Assessing Officer. This Tribunal is of the considered opinion that when the assessee has produced all the relevant material and the Assessing Officer, on the basis of the material filed by the assessee during the course of assessment proceedings, came to the conclusion that the income otherwise chargeable has escaped assessment, there is justification for reopening the assessment after expiry of four years. In view of the above, this Trib .....

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