On this jurisdictional issue, the Tribunal held that the first proviso to section 147 mandates income to be taxed must have escaped assessment on account of assessee’s failure to disclose full and true facts in the assessment proceedings. Further, it held that, the reasons for reopening the assessment did not even whisper about the non-disclosure of full facts and record during the completed assessment proceedings u/s. 153A r.w.s 143(3) of the Act and therefore, the notice u/s. 148 lacks jurisdictions and was to be setaside.(AY. 2004-05)
ACIT v. Maruti Clean Coal & Power Ltd. (2018) 193 TTJ 1 (UO) (Raipur)(Trib.)
S. 147 : Reassessment-After the expiry of four years–Reassessment notice to be seta-side where no income had escaped assessment on account of assessee’s failure to disclose true facts in the assessment. [S. 148, 153A]