Allowing the petition the Court held that , mentioning of wrong year of commencement of manufacture in Form 56G, when other materials furnished indicated correct year of commencement of manufacture is not a case of failure to disclose material facts. The proviso to S. 147 cannot be invoked on the Assessing Officer’s omission or mistake. Reassessment notice is held to be bad in law . ( AY.2010-11)
MBI Kits International v. ITO (2018) 408 ITR 1/ 172 DTR 89 / ( 2019) 306 CTR 125(Mad) (HC)
S.147: Reassessment-After the expiry of four years- Export oriented undertaking —Mentioning of wrong year of commencement of manufacture in Form 56G, when other materials furnished indicated correct year of commencement of manufacture is not a case of failure to disclose material facts — The proviso to S. 147 cannot be invoked on the Assessing Officer’s omission or mistake- Reassessment notice is held to be not valid – Notice is not barred by limitation .[ S.10B,148 ]