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TMI Blog2015 (1) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... eopening in this case after 4 years under section 148 is not valid. Accordingly, the assessment framed in this case are hence, liable to be quashed and they are quashed as such. - reopening in this case is clearly hit by the proviso to section 147. As already held by us as above, there is no failure on the part of the assessee to disclose fully and truly all material facts. Hence, the reopening in this case after 4 years under section 148 is not valid. Accordingly, the assessment framed in this case are hence, liable to be quashed and they are quashed as such. - there is also change of opinion on the part of the AO which is also not permissible and the assessment on this account is also liable to be quashed. - assessment order passed in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referred to Section 147 of the IT Act under the proviso thereto and has contended that the income has not escaped assessment by reason of the failure on part of the assessee to disclose fully or truly all material facts necessary for his assessment in that assessment year. Hence, he pleads for quashing of the assessments. The assessee has raised this issue before the Ld. CIT(A). However, Ld. CIT(A) decided the issue on merits in favor of the assessee and hence did not adjudicate the preliminary issue of jurisdiction. 5. Since the facts are identical, we are adjudicating the issue with reference to the facts and figures of asstt. year 2004-05. 6. At the outset, we can gainfully refer the provisions of section 147 of the I.T. Act and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame is due to failure on the part of the assessee to disclose full or truly all material facts necessary for the assessment. 8. Now we may refer the reasons recorded in the reopening for asstt. year 2004-05. Assessment in this case was completed vide order dated 8.12.2006 passed u/s. 143(3) by the AO, Central Circle 10, New Delhi at NIL Income, after adjusting BF losses to the tune of ₹ 2,10,46,454/-, under normal provisions of the IT Act. However, under special provisions of MAT under section 115JB, income was assessee at ₹ 10,37,890/-. While working out income under MAT u/s. 115JB, the AO reduced interest accrued from banks amounting to ₹ 1,71,77,395/- for the F.Y. 2003-04, being not provided in the books. However ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sclosure made therein, AO has reduced interest which was not provided in the books. Thus, AO had earlier made a conscious decision and now it is only a matter of change of opinion which is not sustainable. 8.3 In this regard, Ld. Counsel of the assessee has taken us to the assessment order of the concerned assessment years. In the returns the complete details were furnished and AO in his assessment order has also made computation under section 115JB in which he has explicitly reduced interest accrued for financial year 2003-04, but not provided in the books. Thus, AO has accepted the assessee s practice being followed form earlier years. Hence, it is very clear that there is no failure on the part of the assessee to disclose fully or tru ..... X X X X Extracts X X X X X X X X Extracts X X X X
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