2003 (4) TMI 503

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..... e CIT(Appeals)-III, Surat. 2. The first three grounds of the assessee s appeal are against the validity of re-opening of assessment under section 147. It has been contended by the ld. counsel that the assessee had disclosed all the material facts in the original assessment and therefore reopening of assessment after 4 years from end of the assessment year was not permissible in view of proviso .....

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..... ly all material facts necessary for his assessment, for that assessment year." Let us examine the applicability of above proviso to the facts of the case under appeal. The assessment year under appeal is 1992-93. Four years from the end of the assessment years ended on 31-3-1997. Regular assessment under section 143(3) has been made on 2-3-1994. Notice under section 148 was issued on 23-1-1998. .....

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..... s been prepared". "4. It was however, noticed that the assessee had earned interest income of Rs. 3,96,441 which was set off against the pre-operative expenditure amounting to Rs. 4,09,957 the details of which had been given along with the return and the net pre-operative expenses during the construction had been transferred to the capital work in progress pending allocation". 3. From the ab .....

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