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The Assessing Officer had issued notice u/s 148 of IT act to reopen the assessment giving reasons to believe that assessee’s claim for set off of brought forward unabsorbed depreciation against long term capital gain was not allowable as it was being set off after a lapse of 8 years.
The Assessing Officer had issued notice u/s 148 of IT act to reopen the assessment of the AY 2007-08 giving reasons to believe that there was non-disclosure of all facts with respect to deduction u/s 10A by the assessee and the assessee had taken the deduction without setting off the loss of one unit.
The condition precedent for exercising the revisional power under section 263 of the Act is that the order under revision should not only be erroneous, but such erroneous order should result in prejudice to the interests of the Revenue.
In the present case, the Hon’ble High court held that the proceedings of re-assessment could be made if full and true facts have not been disclosed earlier. Also, it was held that section 68 could be invoked if the genuineness of parties are not proved.
1. Recently, Karnataka High Court on 1-Jul-2015 in the case of Sri N Govindaraju v ITO in ITA/504/2013 held that, an AO has the AO has unfettered power of re-to assessment u/s 147 i.e. not limited to issue mentioned in notice u/s 148. 2. Till that date, the views of the high courts were divided […]
The reopening has basically been done for two reasons – the first one being the alleged difference between Unsecured Loans from Directors in the Balance Sheet and Unsecured Loans from Directors in Audit Report under Form 3CD; and the second one
It would be the proximity of the reasons with the belief of escapement of income, which would be the determinative factor for reopening of the assessment. The remoteness of the reasons would obviate the possibility of a belief and would bring the case in the realm of mere suspicion
Punjab & Haryana High Court held in CIT(A) Vs M/s ITW India Limited that mere change in opinion of the AO could not amount to issue of notice for re-assessment u/s 147. AO should had reasonable tangible facts in hand before issuing notice u/s 147.
In the present case also the notice u/s 148 of the Act was issued on 31.03.2010 in the name of the deceased assessee and claimed to have been served upon the deceased assessee who had already expired on 06.12.2002.
Provision of section 147 states that revenue can reopen an assessment within four years, from the end of the relevant assessment year in which return was filed, if any income escaped from assessment. If revenue wants to reopen an assessment after the expiry of four years prescribed then there must be failure on part of assessee to disclose fully
