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TMI Blog2018 (11) TMI 1560X X X X Extracts X X X X X X X X Extracts X X X X ..... fact, the reasons in support of the reopening notice even do not allege any failure to disclose truly and fully all material facts necessary for assessment. Therefore, the jurisdictional requirement is not satisfied. Tribunal has on facts found that there was a full and true disclosure on the part of the assessee during the regular assessment proceedings. This finding of fact has not been shown to be incorrect or perverse in any manner. No admittedly the reopening notice has been issued beyond a period of four years from the end of the relevant assessment year i.e. 2001-02 in respect of regular assessment completed under Section 143(3) of the Act. The jurisdictional requirement to issue a reopening notice under the proviso to Section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessment Year 2001-02, the return of income was filed by the respondent. An scrutiny assessment under Section 143(3) of the Act was passed on 22nd March, 2004 determining the income @ ₹ 80.99 crores. 4. Thereafter, on 5th February, 2018, the appellant Revenue sought to reopen the assessment for Assessment Year 200102 on the following reasons : The assessee follows mercantile system of account and accordingly in its accounts, at the end of the year, takes credit for interest accrued but not due on its investment in securities. However, in the return of income such interest is not offered to tax and only the interest which has become due and receivable during the year is offered to tax. From the A.Ys. 200304 onwards, such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 148 of the I.T. Act. 5. The impugned order of the Tribunal concludes that there was true and full disclosure of all material facts necessary for assessment during the scrutiny assessment proceedings. The issue with regard to interest due and payable and interest due and accrued was disclosed during the assessment proceedings. The impugned order further records that even though the notice was beyond the period of 4 years from the end of the relevant assessment year in respect of the assessment completed under Section 143(3) of the Act, the reasons do not even allege any failure on the part of the assessee to disclose truly and fully all material facts necessary for the assessment. In the above view, the impugned order of the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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