Tribunal held that the reasons recorded nowhere showed that there was any allegation of failure to disclose any material facts . The very same fact was examined by\u00a0 the Assessing Officer in the first round of\u00a0 reassessment proceedings. Therefore, issue of\u00a0 notice\u00a0again on the same set of facts\u00a0 facts amounted to change of\u00a0 opinion. Merely using the expression \u201cFailure on\u00a0 the part of\u00a0 the assessee to disclose fully and truly all material facts\u201d\u00a0 was not enough. The reason must specify the nature of\u00a0 default or\u00a0 failure on the part of\u00a0 the assessee. The reassessment proceedings is held to be\u00a0 illegal and void ab\u00a0 initio(AY.2012-13).<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment- After the expiry of four years- Capital gains- No failure to disclose any material facts \u2013 The reason must specify the nature of default or failure on the part of the assessee- Reassessment is not valid [ S.45 , 148 ]<\/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-14828","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Ra","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14828","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=14828"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14828\/revisions"}],"predecessor-version":[{"id":14829,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14828\/revisions\/14829"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}