TMI Blog2007 (6) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... levant assessment year can be sustained only if it is established that there is a failure on the part of the assessee to disclose fully and truly all material facts. In this case there is no finding that there is failure on the part of the assessee to disclose fully and truly all material facts. Further, all the material facts are available at the time of making original assessment. The Tribunal has correctly followed the principles enunciated in the Supreme Court judgment reported in CIT v. Foramer France[ 2003 (1) TMI 101 - SC ORDER] , as well as this court judgment reported in the case of CIT v. Elgi Finance Ltd. [ 2006 (3) TMI 105 - MADRAS HIGH COURT] and came to the correct conclusion. Thus, we do not find any error or legal infirm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earing for the appellant that the above issue is covered by the decision of this court in CIT v. Elgi Ultra Industries Ltd. (T. C. No. 441 of 2007 dated June 6, 2007) [2008] 296 ITR 573 (infra). 4. In CIT v. Elgi Ultra Industries Ltd. (T. C. No. 441 of 2007 dated June 6, 2007) [2008] 296 ITR 573, 575 (infra), this court following the decision of CIT v. Elgi Finance Ltd. [2006] 286 ITR 674 (Mad) held as under : In this case, notice was issued under section 148 of the Act and served on the assessee on August 3, 2004, i.e., after four years from the end of the assessment year 1999-2000. The assessment was made under section 143(3) of the Act. Both the Tribunal as well as the first appellate authority have followed the Supreme Court judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th effect from April 1, 1989, the above dis tinction had been obliterated and the Assessing Officer could reassess the income as long as he had reason to believe that income charge able had escaped assessment. The new law has inserted a proviso to section 147 in the following words : Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... our years is not possible in view of the provisions of section 147 of the Act. Respectfully, following the judgment of the hon'ble apex court, we uphold the order of the Commissioner of Income-tax (Appeals) and accordingly the Revenue's appeal is dismissed. 8. In the result, both the appeals filed by the Revenue stand dismissed.' 5. In case where the assessment is completed under section 143(3) of the Income-tax Act, the reopening of the assessment under section 148 beyond the period of four years at the end of the relevant assessment year can be sustained only if it is established that there is a failure on the part of the assessee to disclose fully and truly all material facts. In this case there is no finding that ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
