Law:

Section:

Section 147 of the Income-tax Act, 1961- Income escaping assessment - Non-disclosure of primary facts - Assessment years 2003-04 and 2004-05 - Whether reasons, which are recorded by Assessing Officer for reopening assessment, are crucial and it is on basis of those reasons alone that validity of an order reopening an assessment has to be decided - Held, yes - On 29-12-1999, assessee had taken certain land and building on lease for a period of ten years - Thereafter, it purchased plant and machinery and set up an industrial undertaking on property - It was allowed deduction under section 80-IB from assessment year 2001-02 to assessment year 2006-07 - On 24-3-2009 and 31-3-2009, Assessing Officer reopened assessments for assessment years 2003-04 and 2004-05 on ground that during course of subsequent proceedings, a copy of license was filed by assessee, which stated that plan for factory was approved by Sarpanch on 12-9-1988 and, consequently, there was valid reason to believe that income had escaped assessment inasmuch as information showed that industrial undertaking was in existence prior to date of lodging of claim for deduction under section 80-IB for assessment year 2001-02 - Facts revealed that Assessing Officer had granted assessee deduction under section 80-IB after being appraised of all relevant details, including those in Form 10CCB which showed that plans had been approved in 1988 - Whether, on facts, Assessing Officer was justified in invoking powers under section 148 beyond expiry of a period of four years from end of assessment year 2003-04 - Held, no - Whether for assessment year 2004-05, though reopening of assessment had taken place within a period of four years from expiry of that assessment year, yet it was apparent that Assessing Officer did not have before him any additional material at all to form a belief that income had escaped assessment and, therefore, reopening of assessment was not justified for that assessment year also - Held, yes Section 80-IB of the Income-tax Act, 1961 - Deductions - Profit and gains from industrial undertakings other than infrastructure development undertakings - Assessment years 2003-04 and 2004-05 - Whether on…

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