Law:

Section:

Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment year 1997-98 - For relevant assessment year, regular assessment of assessee-company was completed under section 143(3) - Subsequently, Assessing Officer noticed that interest accrued and received by assessee from another company had been omitted to be brought to tax - Accordingly, notice under section 148 was issued on 24-6-2003 and, thereafter, reassessment was made - Whether since information regarding interest in question was very much available in annual report of assessee-company, which was filed along with original return of income and based on those details, original assessment was completed, there was no failure on part of assessee to disclose fully and truely all material facts - Held, yes FACTS For the relevant assessment year, regular assessment of the assessee-company was completed under section 143(3). Subsequently, it was noticed by the Assessing Officer that the interest accrued and receivable by the assessee from another company was omitted to be brought to tax. In view of the same, a notice under section 148 was issued on 24-6-2003. Admittedly, the information regarding interest accrued and receivable from the said company was very much available in the annual report of the assessee-company, which was filed along with the original return of income. The Assessing Officer completed the reassessment under section 143(3), read with section 147, including the interest accrued and receivable from that other company. The assessee challenged the reopening of the assessment contending that since the annual report on basis of which assessment was reopened was very much available before the Assessing Officer while completing regular assessment, reopening was bad in law. The Commissioner (Appeals) accepted the contention of the assessee and held that reopening of the assessment under section 148 was bad in law. The Tribunal upheld the order of the Commissioner (Appeals). On appeal : HELD In the original assessment proceedings, the Assessing Officer had considered all the details filed by the assessee and only thereafter had completed the…

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