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TMI Blog2019 (1) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... ment Year, the Petitioner had sold house property and the gain made thereon was offered to tax under the head 'long term capital gain.' In fact, while computing its gain from the total consideration received on the sale of Rs. 90 lakhs, the Petitioner deducted the sums of Rs. 5 lakhs each paid to his wife and his father towards their respective rights in the said house property. The above facts were reflected in the Petitioner's return of income filed on 31st July, 2011, declaring an income of Rs. 19.61 lakhs. The Assessing Officer took up the return for scrutiny assessment and by an order dated 26th February, 2014 passed Assessment Order under section 143(3) of the Act. It is also undisputed that the Petitioner's wife and f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee regarding compensation paid to his father and wife in total amounting to Rs. 10 lacs not offered for taxation. 3. Hence, taking into consideration, facts of the case, the material available on record, it clearly emerges that in the instant case, the income liable for taxation had escaped assessment on account of failure on the part of the assessee to furnish the requisite return of income and to disclose fully and truly all material facts necessary for his assessment for the A. Y. 2011-12 or that the facts of the case are covered by the Explanation 1 to section 147 of the Act. 4. In this case a return of income was filed for the year under consideration and regular assessment u/s. 143 (3) of the Act was made on 26.02.2014. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the requisite material facts as noted above in the reasons for reopening were embedded in such a manner that material evidence could not be discovered by the AO and could have been discovered with due diligence, accordingly attracting provisions of Explanation 1 of section 147 of the Act." 5. From the above, the following undisputed facts emerges: (a) The impugned notice dated 27th March, 2018 has been issued beyond a period of four years from the end of the relevant Assessment Year i.e. A.Y. 2011-12. (b) The regular Assessment was completed on 26th February, 2014 under Section 143(3) of the Act; (c) The basis of the reasons is not on some new tangible material but on verification of facts already on record. 6. After having hear ..... X X X X Extracts X X X X X X X X Extracts X X X X
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