Case Law Details
Brief of the Case
ITAT Amritsar held in the case of M/s. Apeejay Education Society & others vs. ACIT that in the present case, the reassessment is to be initiated after expiry of four years from the end of the relevant assessment year, so proviso to sec.147 need to be complied with. It remains undisputed that in the reasons recorded by the AO, there is no allegation, much less any specific one, regarding any alleged failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. Even there is not a whisper of an allegation by the AO in the reasons recorded that escapement of income had occurred by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment. Hence there is contravention of proviso to section 147 and accordingly reopening proceedings are bad in law.
Facts of the Case
In this case, It has been contended that in the reasons recorded for the reopening of the completed assessment of the assessee, there is no allegation regarding any failure on the part of the assessee to disclose any material facts relevant for the assessment; that in the absence of such allegation, the AO has no jurisdiction to issue any notice u/s 147 beyond four years from the end of the assessment year, where the assessment order was passed u/s 143(3).
Contention of the Assessee
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