9911796707
TMI Blog2024 (12) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... four years can only be made if the escapement of income is attributed to the failure on the part of assessee to disclose material facts either in the return of income or during the course of assessment proceedings. This is not the facts in the present case. We note that the assessee has fully disclosed all the facts in the return of income filed u/s 139(1) of the Act and the case was also selected for scrutiny and assessment was framed vide order dated 22.12.2017 passed u/s 143(3). Therefore, non-mentioning on the part of the AO that the reopening beyond four years is made u/s 147 because of the failure on the part of the assessee to disclose fully and truly all the material facts which is necessary for assessment renders the re-assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income on 16.03.2016 declaring total income of Rs. 17,05,420/-. The case of the assessee was selected for scrutiny and accordingly the assessment was framed under section 143(3) vide order dated 22.12.2017 accepting the returned income. Thereafter the ld. Assessing Officer reopened the assessment under section 147 by issuance of notice under section 148 of the Act on 31.03.2021after receiving information from the DDIT(Inv), Unit-4(1), Kolkata to the effect that the assessee was beneficiary of accommodation entries from the account maintained in HDFC Bank in the name of Patwari Marketing Company. Accordingly, the statutory notice was duly issued and served upon the assessee, which was also complied with and finally the assessment was fram ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.12.2017, which was also stated by the ld. Assessing Officer in paragraph no. 1 of the impugned assessment order. The ld. A.R. stated that the reopening in the instant case could only be made subject to the satisfaction of the condition as enumerated in the 1st proviso to section 147 of the Act, which provides that where the assessment has been framed under section 143(3) and a period of four years had elapsed from the end of the relevant assessment year, then reopening of assessment could only be made if income is escaped for such assessment year by reason of the failure on the part of assessee to make a return or to disclose fully and truly all material facts necessary for assessment of income. The ld. A.R. also contended that ld. Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the rival contentions and perusing the material on record, we note that in this case the assessment was framed u/s 143(3) vide order dated 22.12.2017. The reopening was made u/s 147 of the Act by issuing notice u/s 148 of the Act on 31.03.2021 after the AO received information from DDIT(Inv), Unit-4(1), Kolkata. Therefore, the reopening can only be made subject to the satisfaction of the conditions as provided in first proviso to section 147 of the Act which state that where the assessment has been framed u/s 143(3) of the Act, reopening after a period of four years can only be made if the escapement of income is attributed to the failure on the part of assessee to disclose material facts either in the return of income or during the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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