9911796707
TMI Blog1988 (1) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... earned Departmental Representative. 2. The first ground raised in this appeal is about the validity of the re-opening of the assessment under ss. 147/148. The facts are that survey was conducted at the business premises of the assessee on 15th Jan., 1974 i.e. during the accounting period ending Diwali 1974, relevant for the years 1975-76. During the survey a partner of the firm, viz., Shri Badrip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ening was bad as the assessee had not failed to disclose any material facts. 4. At the hearing before us, the learned counsel contested that the reopening was bad as the assessee had disclosed the relevant facts in the statement of the partner during survey and the assessee cannot therefore, be accused of not disclosing fully and truly material facts necessary for his assessment for that year. Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for his assessment for that year. Admittedly, during the survey operations one of the partners, viz., Shri Badri Prasad had been examined by the survey party and he made a very straight forward statement stating that there were some transactions, which were not recorded in the books on account of legal complications. He also stated that the income from such business may be of the order of Rs. 500 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion collected during the search in the assessment proceedings. It was held that there was no omission or failure on the part of the assessee to disclose material facts and reopening of the assessment under s. 147(a) was not valid. 5. For the above reasons, we uphold the assessee's contention that the re-opening was bad and the assessment made, therefore, is illegal. 6. The learned counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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