2016 (7) TMI 1234

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..... ection 147 was passed on 3rd February, 2005, that is to say, long after four years, after 31st March, 1998, the time to pass an order under section 147 had expired on 31st March, 2002. The revenue could have obtained extension provided there was any failure on the part of the assessee to make a return or to disclose fully and truly all material facts necessary for the assessment. It is nobody’s ca .....

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..... 24th August, 2007 passed by the learned Income Tax Appellate Tribunal D Bench, Kolkata in I.T.A.No.977/Kol/2007 pertaining to the assessment year 1997-98, by which the learned Tribunal allowed the appeal preferred by the assessee. The aggrieved, revenue has come up in appeal. The following substantial question of law was formulated on 10th March, 2008 when the appeal was admitted : Whether .....

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..... to make a return or to disclose fully and truly all material facts necessary for the assessment. It is nobody s case that the assessee had failed to file return or had failed to make necessary disclosures. Therefore, the assessment under section 147, if any, could only be made within 31st March, 2002. The assessment made in 2005 is clearly barred by limitation. We do not as such find any infirmity .....

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