2023 (2) TMI 315

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..... 8 was issued after a period of four years from the end of the relevant assessment year, namely, 2010-11. Proviso to section 147, at the material time, provides that when an assessment has been completed u/s.143(3) and the Assessing Officer seeks to reopen the assessment after a period of four years from the end of the relevant assessment year, it is incumbent upon the AO to first show that the inc .....

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..... that the reassessment was wrongly initiated. The same is, therefore, quashed. Assessee appeal allowed. - ITA No.876/PUN/2022 - - - Dated:- 7-2-2023 - Shri R.S. Syal, Vice President And Shri S.S. Viswanethra Ravi, Judicial Member For the Assessee : Shri Ajinkya M. Vaishampayan For the Revenue : Shri Ramnath P. Murkunde ORDER PER R.S. SYAL, VP : This appeal b .....

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..... ., which were required to be disallowed. The assessment was eventually completed u/s 147 making addition of Rs.11,30,000/-. The assessee assailed the assessment order on the initiation of reassessment proceedings as well as merits before the ld. CIT(A). The first appeal came to be dismissed, against which the assessee has approached the Tribunal. 4. We have heard both the sides and gone throu .....

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..... inter alia, to disclose fully and truly all material facts necessary for assessment. As the period of four years in this case expired much before the issuance of notice u/.148, we need to examine if the requisite condition of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment, was complied with? 5. It can be seen from the reasons for .....

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..... /s.143(3). The inference of the AO that these two items did not qualify for deduction, does not fall within the realm of failure of the assessee to disclose fully and truly all material facts necessary for reassessment. In that view of the matter, we hold that the reassessment was wrongly initiated. The same is, therefore, quashed. 6. In view of our decision on the legal issue, the other grou .....

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