Law:

Section:

Section 147, read with sections 148 and 149, of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment year 2003-04 - Whether section 149 merely prescribes maximum time-limit for issuance of notice under section 148, based upon amount involved; this section does not in any manner override proviso to section 147 which lays down that no action shall be taken under section 147, after expiry of four years from end of relevant assessment year unless conditions stipulated thereunder are satisfied - Held, yes - Whether proviso to section 147 and sub-section (1) of section 149 operate in different fields and are independent from one another and, thus, in a case where requirements of proviso to section 147 are not satisfied, no notice under section 148 can be issued beyond a period of four years even if amount of tax escaping assessment is more than or likely to be more than one lakh rupees - Held, yes Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment year 2003-04 - Assessee's assessment for relevant assessment year was completed under section 143(3) and tax was calculated according to section 115JB - After expiry of four years from relevant assessment year, Assessing Officer issued notice under section 148 for reopening assessment on ground that assessee had wrongly calculated book profit under section 115JB - Whether since there was no failure on part of assessee to disclose fully and truly all material facts necessary for its assessment, reasons for reopening were based upon material furnished by assessee during assessment proceedings, and original assessment order clearly showed that Assessing Officer at relevant time had applied his mind to issue in respect of which assessment was sought to be reopened and thereafter worked out books profit, requirements of proviso to section 147 were not satisfied and therefore, reopening of assessment after expiry of four years from relevant assessment year was unjustified - Held, yes FACTS For the relevant assessment year, the assessment of the assessee-company was completed under section 143(3) and the tax was…

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