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TMI Blog2018 (6) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... valuer and difference in value of unexplained investments was found - since the report given by the Departmental valuer is only an estimate and based on such estimation, there cannot be any reopening and if the same is permitted, it would amount to a clear case of change of opinion - case is dismissed - Decided in favor of assessee. - Tax Case (Appeal) No.834 of 2008 - - - Dated:- 4-4-2018 - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment for the assessment year 1990-91 is not proper ? and 2. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in not considering Explanation 1 to Section 147 of the Income Tax Act, which clearly states that mere production of account books or other evidence will not necessarily amount to full disclosure by the assessee and the judgment rend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any escapement of income. It was further contended that the reopening was based on change of opinion and that there was no material to show that there was escapement of income. 5. The Assessing Officer rejected the objection and completed the assessment on the ground that the difference in the cost of construction of the building admitted by the assessee and determined by the Departmental valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Commissioner of Income Tax (Appeals), as confirmed by the Tribunal, are perfectly in order, since there is no allegation that the assessee has failed to truly and fully disclose all material facts. The duty of the assessee is only to furnish all material facts and it is for the Assessing Officer to take a decision based on the facts so disclosed. It is not the duty of the assessee to tell the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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