The assessee submitted its return of income for the assessment year 2012-13 on August 4, 2012 computing the gross total income and claiming deduction under S. \u00a080IB\u00a0. The assessee filed an audit report under section\u00a044AB\u00a0of the Act in forms 3CB and 10CCB being the audit report for claiming deduction under section\u00a080-IB\u00a0of the Act. Thereafter, the case of the assessee was selected for scrutiny assessment. Deduction under section\u00a080-IB(10)\u00a0was allowed. After four years notice of reassessment was issued on the ground that there was no full and true disclosure of facts while claiming deduction under section\u00a080IB(10)\u00a0. On a writ\u00a0 the Court held that\u00a0\u00a0 during the course of the original scrutiny proceedings, the Assessing Officer called for various details from the assessee, including details of the purchasers, their names, addresses with permanent account numbers etc., which were duly furnished by the assessee. When the assessee had disclosed all the material facts necessary for his assessment, but the Assessing Officer failed to consider the claim for deduction under section\u00a080IB(10)\u00a0in the context of clauses (e) and (f) thereof, it could not be said that there was any failure on the part of the assessee to disclose truly and fully all material facts necessary for its assessment. The notice was not valid.(AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment \u2014 After the expiry of four years- No failure to disclose material facts – Form of return not requiring specification of persons mentioned in Section- Assessing Officer not examining the clauses \u2013 Reassessment notice is held to be not valid [ S.80IB(10)( e ) & (f) , 148,Art , 226 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12692","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3iI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12692"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12692\/revisions"}],"predecessor-version":[{"id":38388,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12692\/revisions\/38388"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}