TMI Blog2022 (12) TMI 294X X X X Extracts X X X X X X X X Extracts X X X X ..... facts discovered to justify the re-opening. If it was a mere change of opinion on the part of the AO in issuing the order such course was not permissible in law. The entire assumption of jurisdiction to reopen the assessment was without any factual and legal basis. The present case offers a situation where powers u/s 148 of the Act were invoked after four years. Notice was issued on 30.3.2021 seeking to re-open the Assessment for the financial year 2014-2015. In the facts obtained in this case, there is nothing to suggest that the assessee had not disclosed fully and truely all material facts necessary for the assessment, rather it was otherwise. On that count itself, the notice was rendered bad. - R/SPECIAL CIVIL APPLICATION NO. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee on 14.5.2021. It was stated therein that while the assessee had declared the total income of Rs. 19,63,840/- in respect of assessment year 2014-2015 by filling return of income on 27.12.2014, the case was selected for scrutiny assessment under section 143(3) of the Income Tax Act, 1961 (hereinafter referred as the Act ) and the same was finalised on 28.11.2016 without addition of income. It was thereafter stated that scrutiny of the records in respect of computation of income revealed that the main source of income of the assessee was interest, remuneration and profit from the partnership firm. The total income received by the assessee from the partnership firm was Rs. 1,27,62,961/-,which was inclusive of interest on deposits. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e I.T. Act. 4.1 The assessee answered on 7.9.2016 submitting inter alia that since the capital was more than required, section 14A was not applicable. In the assessment order dated 28.11.2016 also, the Assessing Officer stated inter alia thus, Besides this, assessee is a partner in M/s. SRK Enterprise and Aadi Ozone Developers and received share of profit, salary and interest income. The details submitted by the assessee has been kept on record after verification. The case was discussed with the A.R. of the assessee and he was heard carefully . Therefore, the question about the treatment of share of profit in capacity of partner was dealt with. 5. From the above facts emanating from the record, it could be well said that the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year): 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 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 under sub- section (1) of section 142 or section 148 or to disclose fully and truly all material facts necess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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