Jayesh T. Kotak v. Dy CIT (2020) 424 ITR 435 / 273 Taxman 525 / 116 taxmann.com 426 / 195 DTR 277/ 317 CTR 406(Guj)(HC) Editorial : SLP of revenue dismissed , Dy.CIT v. Jayesh T. Kotak ( 2021 ) 282 Taxman 298 ( SC)

S.147: Reassessment — -After the expiry of four years- Deemed dividend — No obligation to disclose when the assessee was not benefitted .[ S.2(22) ( e ) , 148, Art , 226 ]

Allowing the petition the Court held that  ,in the absence of any finding having been recorded by the Assessing Officer that any income had accrued in favour of the assessee, there was no obligation cast upon the assessee to disclose such transactions. Under the circumstances, in the absence of any failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment, the reopening of the assessment beyond a period of four years from the relevant assessment was illegal. The notice issued under section 148 for reopening the assessment under section 147 and all the proceedings pursuant thereto were to be quashed and set aside.( AY.2008-09)