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TMI Blog2018 (10) TMI 1297X X X X Extracts X X X X X X X X Extracts X X X X ..... y clear that the learned AO misread the same and did not follow the mandate of the proviso to Section 151(1) of the Act inasmuch as the case in hand relates to the proposed notice u/s 148 after the expiry of four years from the end of the relevant assessment year. On this ground, assessee succeeds. It is not the case of the revenue that any evidence is there on record to establish that any notice u/s 143(2) was issued before the conclusion of the assessment after its reopening, nor did the learned AO record finding that because of the failure of the assessee to furnish fully and truly all material facts necessary for the assessment, there was escapement of income from assessment. In these circumstances, we find it difficult to hold that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... effect that the assessee s name also appeared in the list of beneficiaries who had taken accommodation entries in the garb of share application money, loan, gifts, bogus sales/purchases or some other ostensible business transaction through the bank accounts existing in the name of the paper dummy concerns/entities operated by the entry operators, learned AO formed an opinion that there are reasons to believe that income of the assessee company to the extent of ₹ 25 lacs had escaped assessment. 3. Learned AO recorded the reasons and issued notice u/s 148 of the Act on 21.3.2013 and 6.3.2014 respectively for Asstt. Years 2006-07 and 2007- 08 after obtaining the approval u/s 151(2) of the Additional CIT, Range-V, New Delhi. Learned AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the period of four years, the learned AO has to record a finding that because of the reason of the failure on the part of the assessee to disclose fully and truly all material facts for the assessment. However, there is no such allegation against the assessee in this matter, as such, reopening of the assessment cannot be sustained and the reopening is on the basis of change of opinion. 5. In so far as the merits of the case are concerned, learned CIT(A) recorded that there is a failure on the part of the AO to make any enquiries from the investors whose money is said to have invested by the assessee and further, the amendment in Section 68 of the Act to explain the source of the source of the share applicant w.e.f. 1.4.2013 and had no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that because of the failure on the part of the assessee to disclose fully and truly all material facts for the assessment, there was escapement of some income from assessment. 8. We have gone through the record. The dates admitted. There is no dispute that the notice u/s 148 was issued to the assessee in respect of assessment years, beyond the period of four years from the end of the relevant assessment years as contemplated under the proviso to sub section (1) of Section 151 of the Act, which stipulates that after the expiry of four years from the end of the relevant assessment year, no notice u/s 148 of the Act shall be issued unless the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner is sat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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