Law:

Section:

Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment year 2003-04 - Whether when no foundation is laid in reasons for reopening assessment that there was failure on part of assessee to disclose fully and truly all material facts, material brought on record for first time by filing counter affidavit to indicate that there is escapement of income by reason of failure on part of assessee to disclose fully and truly all material facts, can be taken into consideration for purpose of deciding validity of proceedings under section 147 - Held, no - Assessee-firm claimed deduction under section 80-IB for developing and building residential units - By a notice under section 142(1), Assessing Officer called for details of projects developed by assessee on which deduction under section 80-IB(10) was claimed - Pursuant to said notice, assessee submitted all details and after scrutinizing same, Assessing Officer framed assessment under section 143(3) allowing deduction under section 80-IB - Subsequently on 12-3-2010, Assessing Officer issued notice for reopening assessment on ground that assessee was merely a work contractor and had not undertaken any developing and building housing project approved by local authority and, hence, claim of assessee for deduction under section 80-IB(10) was not in accordance with law - Whether when assessee had made a claim along with supporting documents based upon which Assessing Officer had granted deduction under section 80-IB, merely because of fact that assessee had asserted that it was a developer in returns filed by it, it could be said that there was any failure on part of assessee to disclose fully and truly all material facts - Held, no - Whether when in reasons recorded for reopening assessment there was not even a whisper as regards any failure on part of assessee to disclose fully and truly all material facts, nor was it possible to infer any such failure from reasons recorded, reopening of assessment after expiry of four years was invalid - Held, yes FACTS The assessee-firm claimed deduction under section 80-IB for developing and building residential units. Form No.…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492