Case Law Details
Nirmal Bang Securities Pvt Ltd Vs ACIT (Bombay High Court)
In this case reasons quoted were bereft of any material as AO quoted that search information is received with regard to accommodation entry But does not indicate what address was searched, from whom such information was received, what date the search happened, what date the information was received, what was the information etc. Admittedly a copy of the information received also has not been provided to petitioner to enable petitioner to effectively deal with the reasons.
Petitioner filed its objection by a communication dated 12th August, 2021 and same were rejected by an order dated 13th January 2022
Admittedly the notice for reopening has been issued four years after the expiry of the relevant assessment year. Therefore, reopening is barred unless respondent is able to show that petitioner had failed to disclose fully and truly all material facts for assessment.
Having seen the reasons, no case of failure to disclose is made out. The factum of failure to disclose cannot be culled from the reasons in support of the notice seeking to reopen the assessment. Therefore, certainly it will be fatal to the assumption of jurisdiction under Sections 147 and 148 of the Act.
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