Allowing the appeal the Court held that all material facts necessary for assessment has been disclosed by the assessee truly and fairly but they were scrutinized and the income and deduction were reworked by the Assessing Officer in the original assessment . In the recorded reasons for reopening\u00a0 of\u00a0 assessment it was not mentioned what facts was not disclosed .Therefore, the condition precedent to the reopening of assessment beyond the period of four years had not been fulfilled. The notice issued under section\u00a0148\u00a0to reopen the assessment under section\u00a0147\u00a0for the assessment year 2012-13 and the order rejecting the objections raised by the assessee were quashed and set aside.( AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.147: Reassessment \u2013 After the expiry of four years – Duty of assessee only to disclose facts and not to draw inferences \u2013 Notice has to state which facts not disclosed \u2013 Change of opinion -Notice was quashed [ S. 80IB(10) , 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-24592","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6oE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24592","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=24592"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24592\/revisions"}],"predecessor-version":[{"id":30562,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24592\/revisions\/30562"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=24592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=24592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=24592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}