Assessee received notice under section 148 of the Act. The first reason was under-invoicing of exports based on Justice M.B. Shah Commission’s Report. The second reason was based on the decision of Apex Court thereby declaring mining leases in Goa expired on 22-11-2007, and subsequent activities considered to be illegal. The third ground was that income had escaped assessment because of failure on the part of the assessee to disclose fully and truly all material facts. This reason was again based on Justice M.B. Shah Commission’s Report and observations of the Apex Court. High Court held that the third report of the Justice M.B. Shah Commission contained merely an expression of its opinion, and it lacked finality as well as authoritativeness, and only based on the expression of such opinion by the Commission, there could not be any prima facie belief which could be recorded by the Assessing Officer, without any independent material for the purpose of re-opening. Further, for making disclosure truly and fully assessee must have knowledge of it and since case of Goa Foundation v. Union of India in Writ Petition (Civil) No. 435 of 2012 declaring expiry of mining leases in Goa on 22-11-2007, was decided by Apex Court on 21-4-2014, such fact could not have been disclosed by assessee in return filed in year 2009-10. Moreover, since reasons for re-opening clearly went to show that Assessing Officer, except borrowing information from the third report of Justice M.B. Shah Commission, failed to record independently to his own satisfaction any reason so as to direct re-opening of assessment, reopening was not permissible. Court held that there was a delay of 411 days in filing the SLP, which had not been satisfactorily explained, and there was no good ground to interfere with the order. SLP filed was dismissed\u00a0on account of delay and also on the merits. \u00a0\u00a0(AY. 2010-11 & 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 147: Reassessment-Borrowed satisfaction-Underinvesting of export-Justice M.B. Shah Commission’s Report-SLP delay of 411 days-SLP of revenue dismissed on account of delay as well as on merits. [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_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":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60598","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fLo","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60598","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=60598"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60598\/revisions"}],"predecessor-version":[{"id":60599,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60598\/revisions\/60599"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}