Dismissing the\u00a0 appeal against the judgement of single judge, the Court held that\u00a0 the original assessment can be reopened any number of times within the period of limitation prescribed under section\u00a0147\u00a0read with section\u00a0149\u00a0of the\u00a0Income-tax Act, 1961. For such reopening after the limitation period, the Revenue has to satisfy that any one of the ingredients as stipulated under the first proviso to section\u00a0147\u00a0is satisfied. According to the provisions, if the Revenue wants to invoke the extended period of limitation under the first proviso, it has to satisfy that escapement of income was by the reason either by failure on the part of the assessee to make the return under section\u00a0139\u00a0or in response to the notice issued under section\u00a0142(1)\u00a0or section\u00a0148\u00a0or by his failure to disclose fully and truly all material facts necessary for that assessment. On facts new tangible material was found, accordingly the\u00a0 reassessment is valid.( WP No .2563 of 2018 dt. 3-12-2018)(AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-Second reassessment-New tangible material was found- Reassessment is valid-Order of single judge is affirmed. [S. 148, 149(1)(b)]<\/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":[1],"tags":[],"class_list":["post-3568","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-Vy","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3568","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=3568"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3568\/revisions"}],"predecessor-version":[{"id":3915,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3568\/revisions\/3915"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}