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TMI Blog2010 (1) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... pany engaged in manufacturing of steel tubes and strips. It had taken certain plant and machinery on lease from M/s. Tata Finance Limited for which monthly rent of Rs. 3,62,866.00 was paid for a period of five years. It had submitted a return of income for the relevant assessment year. The respondent subsequently found some technical problems in transactions and to avoid litigation as also to purchase peace, the principal amount was offered back. The respondent submitted a revised return on January 15, 1999 for the assessment year in question to offer the principal amount of Rs. 29,17,657 out of the total lease rent paid to M/s. Tata Finance Limited Rs. 43,54,392. The respondent submitted that since it had paid interest of Rs. 14,36,735 whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed the present appeals. 4. Learned counsel appearing for the appellant submitted that the Com-missioner (Appeals) as well as the Tribunal committed an error in interfering in the reopening of the assessments under section 147/148 of the Act and in quashing the consequent assessment orders. 5. We have heard learned counsel for the appellant and perused the records. 6. Under section 147 of the Act, the Assessing Officer can reopen assessment if he had reason to believe that any income chargeable to tax has escaped assessment for any assessment year. In terms of the proviso to section 147 of the Act. Action under section 147 of the Act cannot be taken after the expiry of four years form the end of the relevant assessment year unless any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore, the Commissioner (Appeals) as well as the Tribunal have rightly reached the conclusion that it is not a case where the assessee failed to disclose fully and truly all material facts necessary for his assessment. The Tribunal has committed no error in reaching the conclusion that in the facts of the case, in view of the proviso to section 147 of the Act, the notice issued under section 148 of the Act after a lapse of four years was beyond the jurisdiction of the Assessing Officer. Learned counsel for the appellant has failed to point out any error in the order of the Tribunal. 10. Thus, we find that the appeals do not involve any substantial question of law requiring consideration by this court under section 260A of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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