Law:

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Section 147, read with section 148, of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment year 1998-99 - Whether where there was no failure on part of assessee to disclose fully and truly all material facts, under proviso to section 147, assessment could not be reopened beyond period of four years and, therefore, notice issued under section 148 would be barred by limitation - Held, yes CASES REFERRED TO Hindustan Lever Ltd. v. V.K. Pandey, Joint CIT [2001] 251 ITR 209/[2002] 121 Taxman 124 (Bom.) [Para 10], Caprihans India Ltd. v. Prakash Chandra [2002] 256 ITR 721/ 122 Taxman 862 (Bom.) [Para 10], G.K.N. Driveshafts (India) Ltd. v. ITO [2003] 259 ITR 19/[2002] 125 Taxman 963 (SC) [Para 11], Ador Technopack Ltd. v. Dr. Zakir Hussein, Dy. CIT [2004] 271 ITR 50/ 140 Taxman 16 (Bom.) [Para 12] and Hindustan Lever Ltd. v. R.B. Wadkar, Asstt. CIT [2004] 268 ITR 332/ 137 Taxman 479 [Para 14]. S.S. Patwardhan for the Petitioner. A.S. Rao for the Respondent. JUDGMENT 1. Rule, returnable forthwith. Heard finally by consent of parties. 2. In this petition, the petitioner is challenging the notice dated 31-3-2005, issued by respondent No. 1 for reopening assessment for the assessment year 1998-99, under section 148 of the Income-tax Act, 1961 ("Act" for short). Facts : 3. The petitioner is a co-operative society registered under the Maharashtra Co-operative Societies Act, 1960. It carries on business of dairy and allied products at Warnanagar, Taluka-Panhala, District-Kolhapur. 4. The petitioner had filed its return of income for the assessment year 1998-99. On 22-9-2000, the respondent No. 1 issued notice under section 143(2) read with section 142(1) of the Act calling upon the petitioner to furnish necessary details. The petitioner, accordingly, supplied all details asked for and complied with the said notice dated 22-9-2000. The respondent No. 1 vide assessment order dated 2-1-2001 concluded the assessment after taking into consideration all the relevant material sought by him and disclosed by the petitioner. 5. The respondent No. 1, on 31-3-2005, issued notice under section 148 of the Act seeking to reopen the…

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