2014 (9) TMI 206

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..... resent case, original assessment order was passed under Section 143(3) on 13th March, 2007. Subsequently, the reassessment proceedings were initiated by issue of notice under Section 148 read with Section 147 of the Income Tax Act, 1961 ('Act' for short) on the ground that the respondent/assessee had declared exempt income of Rs. 1,49,30,835/- by way of a long term capital gain and dividen .....

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..... rst/original round was aware of full details and figures of exempt income as well as taxable income. The assessing officer in the reasons to believe or the assessment order had not observed that the assessee had not disclosed full and true material particulars. The Tribunal has affirmed the said finding. In the present case, the reassessment proceedings were initiated after four years from the e .....

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..... acts. In the present case, full facts were in the knowledge and known to the assessing officer. Explanation to Section 147 of the Act would not be applicable. Neither was the said explanation invoked as the details were per se available and apparent. Factually nothing was to be deciphered or culled out. Possibly the assessing officer felt that no expenditure was attributable to the exempt income. .....

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