The Tribunal held that in the original assessment, the Assessing Officer had dealt with the provisions of section 44BB of the Act with regard to the income from services performed in India at 10 per cent. and income on the sale of spares carried outside India at 1 per cent. of the deemed profit. The Revenue authorities had duly referred to the instruction of the CBDT with regard to taxing under deemed provisions. All the facts had been disclosed before the Revenue authorities and had been duly considered during the original assessment proceedings. The assessee had disclosed the quantum of services performed and also the quantum of sale of spares. The business affairs within India and outside India had been duly disclosed before the Revenue authorities. Thus, there was no failure on the part of the assessee to file its return, and the assessee had disclosed fully and truly all material facts necessary for its assessment. The facts had been duly disclosed in the profit and loss account. Hence, keeping in view the proviso to section 147, the reassessment proceedings initiated under section 147 of the Act beyond a period of four years were bad in law and had to be quashed. (AY. 2004-05)