Law:

Section:

Section 147, read with section 148, of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment years 1990-91 to 1992-93 and 1994-95 - Whether where assessee had disclosed fully or truly all material facts necessary for its assessment and while framing its assessment under section 143(3), Assessing Officer had allowed assessee's claim for deduction under sections 80HH and 80-I stating that assessee was a manufacturing concern, reopening of said assessment beyond period of four years from end of relevant assessment year merely on change of opinion was invalid under law - Held, yes Section 148 of the Income-tax Act, 1961 - Income escaping assessment - Notice for - Assessment years 1990-91 to 1992-93 and 1994-95 - Whether Assessing Officer recording reasons under section 148(2) and Assessing Officer issuing notice under section 148(1) has to be same person; successor Assessing Officer cannot issue notice under section 148 on basis of satisfaction recorded by predecessor Assessing Officer, because reason to believe that income liable to tax for assessment year has escaped assessment within meaning of section 147 has to be of Assessing Officer concerned, viz., Assessing Officer issuing notice under section 148 - Held, yes FACTS For the assessment years 1990-91 to 1992-93, the Assessing Officer framed the assessments of the assessee-company under section 143(3) wherein he allowed the claim of deduction under sections 32A, 80HH and 80-I stating that the assessee was to be treated as a manufacturing concern in view of decision of the Commissioner (Appeals) given in the assessment years 1987-88 and 1989-90, whereagainst no second appeal had been filed. Subsequently, in course of the assessment proceedings for the assessment year 1994-95, the Assessing Officer, on appraisal of the activities carried out by the assessee, i.e., refining of various oils, observed that the same did not amount to manufacture or production of an article as per the requirement of provisions of sections 80HH and 80-I. He also observed that as per the rule prescribed in Appendix-I to rule 5, the motor buses and motor lorries not used in the business of…

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