The High Court quashed a notice of reassessment notice\u00a0\u00a0 and the order rejecting the assessee\u2019s objections to the notice, holding that there was no new material mentioned in the reasons recorded, to believe that income had escaped assessment under section\u00a0147, which was not contained in the information provided by the assessee prior to the conclusion of the assessment under section\u00a0143(3)\u00a0in which the Assessing Officer had been satisfied with the details and information provided by the assessee, that an allegation that the companies were \u201cpaper companies\u201d without further facts was by itself insufficient to reopen an assessment under section\u00a0147, that the primary facts, the existence of the five companies, their subscription to share capital, payment of money to the assessee and the companies being assessed to tax, had not been shown to be false, and that therefore, the assessee could not be said to have failed to disclose fully and truly all the material facts.. On appeal SLP of Revenue is dismissed.\u00a0 (AY.2008-09)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-No new information-Disclosed all material facts fully and truly- Allegation of paper companies-Order of High Court is affirmed-SLP of Revenue is dismissed. [S. 148, Art.136] <\/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-45904","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bWo","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45904","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=45904"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45904\/revisions"}],"predecessor-version":[{"id":45905,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45904\/revisions\/45905"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=45904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=45904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=45904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}