Assessment was\u00a0\u00a0 reopened\u00a0 on\u00a0 the\u00a0 ground that a search conducted at DSC Group of Companies revealed bogus purchases made by assessee through unexplained sources.\u00a0 The Assessing Officer made the addition which was confirmed by the CIT(A). On appeal the Tribunal\u00a0 held that\u00a0 the reasons recorded by Assessing Officer did not make specific allegations of failure to disclose all material facts, which was a prerequisite for reopening under section 147 and mere search action alone could not justify reopening of assessment. As the jurisdictional ingredients for reopening assessment provided in first proviso to section 147 were absent, both in form and substance and therefore, proceedings were bad in law. On appeal High Court affirmed the order of the Tribunal. (AY. 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Unexplained expenditure-Search-No failure to disclose material facts-[S. 132, 143(3), 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-38596","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-a2w","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38596","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=38596"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38596\/revisions"}],"predecessor-version":[{"id":52820,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/38596\/revisions\/52820"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=38596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=38596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}