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TMI Blog2022 (4) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... vit in reply it is admitted that the A.O. had accepted particulars of transactions furnished by petitioner and the A.O. has treated the same as bonafide transactions and assessed accordingly. Even if, the Assessing Officer had no means to know that the transactions in the scrip of JRI Industries and Infrastructure Limited are not bonafide and even if, we assume that the Assessing Officer had committed a mistake, still, as held in Gemini Leather Stores vs The Income Tax Officer [ 1975 (5) TMI 1 - SUPREME COURT] assessment cannot be re-opened by reason of omission or failure on the part of the assessee to disclose fully and truly all material facts as Income Tax Officer had material facts before him when he made original assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntire consideration of ₹ 3,08,62,878/- from sale of shares of the said scrip remained unexplained. Therefore, said amount had escaped assessment. 5. Here is the case where reopening is proposed after expiry of 4 years from the end of relevant assessment year and since assessment u/s 143(3) of the said Act has been completed, proviso to Section 147 of the Act shall apply. Therefore, there is a bar for reopening unless respondent is able to show there has been escapement of income due to failure on the part of petitioner to truly and fully disclose material facts required for assessment. 6. We have considered the reasons recorded and the reasons does not disclose what was the material fact that petitioner was bound to disclose whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nafide. 8. Mr. Akhileshwar Sharma, for respondent submitted that this issue has not been discussed in the assessment order. It is settled law that once a query is raised, during assessment proceeding and assessee has replied to it, it follows that the query raised was subject of consideration of the A.O. while completing the assessment and it is not necessary that assessment order should contain reference and/or discussion to disclose its satisfaction in respect of query raised. Still, in affidavit in reply it is admitted that the A.O. had accepted particulars of transactions furnished by petitioner and the A.O. has treated the same as bonafide transactions and assessed accordingly. 9. Even if, the Assessing Officer had no means to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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