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2008] 305 ITR 339 [2009] 178 TAXMAN 409 (MAD.) HIGH COURT OF MADRAS Sterlite Industries (India) Ltd. * v. Assistant Commissioner of Income-tax S.J. MUKHOPADHAYA AND V. DHANAPALAN, JJ. WRIT APPEAL NO. 505 OF 2008 AND M. P. NO. 1 OF 2008 AUGUST 28, 2008 Section 147, read with section 148, of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment year 2000-01 - Assessing Officer issued notice under section 148 for reopening assessee's assessment on ground that assessee had given some orders for import, but it failed to produce original bills of entry; and that as per information received from Enforcement Directorate, it appeared that there was every chance of booking inflated expenditure on account of import - Whether since revenue had failed to prove that Assessing Officer had reasons to believe that (i) income, profits and gains chargeable to income-tax, had been underassessed; and (ii) such underassessment had occurred by reason of omission or failure on part of assessee to disclose fully and truly all material facts necessary for its assessment, notice issued under section 148 after expiry of five years from end of relevant assessment year and consequential proceedings were liable to be set aside - Held, yes FACTS The original assessment of the assessee-company for the assessment year 2000-01 had been completed. After expiry of five years from the end of relevant assessment year, the Assessing Officer issued a notice under section 148 to the assessee to assess/reassess the income which had escaped assessment. The assessee filed writ petition contending that before issuance of the said notice under section 148, the Assessing Officer must have reasons to believe that because of the omission or failure on the part of the assessee to disclose fully and truly all material facts, the income had escaped assessment within the meaning of section 147, which had not been followed in the instant case. The Single Judge, however, dismissed the writ petition. On writ appeal : HELD The Deputy Commissioner wrote a letter dated 16-3-2007 to the Commissioner requesting to accord approval for reopening the assessment under section 147…

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