Allowing the petition the court held that there was no failure on the part of the assessee to disclose truly and fully all the material facts in the scrutiny assessment under section\u00a0143(3). The assessee had explained the transactions done through the note submitted along with the profit and loss account and other supporting documents. There was no live link or nexus with the orders passed by the Securities and Exchange Board of India as alleged by the Department which had failed to aver the particulars of the information available that had led to the belief that income had escaped assessment under section\u00a0147. There was no new tangible material available on record. Therefore, the notice issued under section\u00a0148\u00a0and the order rejecting the assessee\u2019s objections were quashed and set aside. Raymond Woollen Mills Ltd v.ITO (1999) 236 ITR 34 (SC),considered. (AY.2015-16, 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147 : Reassessment-After the expiry of four years-Accommodation entries-Internal information-No live link between material and belief- Change of opinion-Reassessment notice and order disposing the objection is quashed.[S. 143(3), 148, Art. 226, Evidence Act, 1872, S.103] <\/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-45910","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bWu","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45910","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=45910"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45910\/revisions"}],"predecessor-version":[{"id":45911,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45910\/revisions\/45911"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=45910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=45910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=45910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}