Law:

Section:

Section 147 of the Income-tax Act 1961 - Income escaping assessment - General - Assessment year 1992-93 Where all relevant details for computing long term capital gains had been shown by petitioner-assessee and, details of exemption claimed under section 54 in respect of investment in new house had also been shown on a separate sheet, reassessment notice issued four years after relevant assessment year on ground that computation of exemption under section 54 was not right, was not valid [In favour of assessee] Where all relevant details for computing long-term capital gains had been shown by the petitioner-assessee and details of exemption claimed under section 54 in respect of investment in the new house had also been shown on a separate sheet but the assessment was reopened on ground that computation of exemption under section 54 was not right : Held that, it was not even the case of the revenue that there was any omission or failure on part of the petitioner-assessee to disclose fully and truly all material facts relevant for the assessment of the assessment year in question. In fact the figures recorded by the Assessing Officer, in the reasons recorded appeared only from the details of exemption placed on record by the petitioner-assessee. It was apparent that there was no omission or failure on the part of the petitioner-assessee as required by provisions of the proviso to section 147. Hence, the impugned notice issued under section 148, which was admittedly issued beyond a period of four years, was bad in law and without jurisdiction. Varun K. Patel and S.N. Soparkar for the Petitioner. Mrs. M. M. Bhatt for the Respondent. JUDGMENT D.A. Mehta, J. - This petition challenges the notice issued under section 148 of the Income-tax Act, 1961 (the Act), on March 22, 1999, by the respondent Assessing Officer for the assessment year 1992-93. 2. The petitioner, an individual, filed return of income for the assessment year 1992-93 declaring total income of Rs. 23,84,550. The Assessing Officer issued notice under section 143(2) of the Act. On March 20, 1995, the petitioner-assessee filed a detailed reply whereunder in paragraph 4 it was stated "The details of the…

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