9911796707
TMI Blog2014 (3) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... re on the part of the assessee in furnishing the particulars does not apply." 2. In this case, originally assessment under section 143(3) was completed on 30.12.2009 determining total income at Rs.14.33crores. A.O. subsequently reopened the assessment under section 147 by issuing a notice on 16.03.2012 i.e., within four years from the end of the assessment year. The assessee sought reasons recorded for issuing notice under section 148 which were provided by the A.O. vide the letter dated 23.05.2012. the A.O. did not make any addition relating to the reasons recorded for reopening the assessment but made various other additions totaling to Rs.9,51,77,403/-. Assessee is aggrieved and has raised the following grounds before the CIT(A). "1. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re-opening the assessment, i.e., assessment of the liabilities of Rs.6,79,004/- u/s. 41 and disallowance of Rs.1,11,359/- u/s. 40(a)(ia), were based on information available in the Form-3CD filed along with the return itself. This information, part of the record before the A.O., had been duly disclosed by the appellant in its return. By virtue of the fact that the assessment had originally being made u/s.143(3), the proviso to sec. 147 applies to the appellant's case and it is necessary to establish that the income had escaped assessment due to a failure by the appellant to disclose fully and truly all material facts necessary for its assessment. The fact that the information used by the A.O. for reopening the assessment was disclosed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... end of the relevant assessment year, unless any income chargeable to tax has escaped assessment 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 necessary for his assessment, for that assessment year". 7. There is no dispute that the assessment under section 143(3) has been done in this case. But, as can be seen from the above proviso no action can be taken after the expiry of four years from the end of the relevant A.Y. unless any income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all mater ..... X X X X Extracts X X X X X X X X Extracts X X X X
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