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Facts
The assessee filed appeals against the orders of the CIT(A) for assessment years 2013-2014 and 2014-2015. The reassessment proceedings were initiated under Section 148 of the Income Tax Act, beyond the four-year period.
Held
The Tribunal held that the reasons recorded for reopening did not indicate any failure on the part of the assessee to disclose truly and fully all material facts. The reassessment was based on a change of opinion and not on any specific allegation of suppression of material facts, making the reopening unsustainable.
Key Issues
Whether the reopening of assessment beyond the four-year period was valid without establishing failure on the part of the assessee to disclose material facts.
Sections Cited
Section 147, Section 148, Section 143(3), Section 150(1), Section 150(2)
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Income Tax Appellate Tribunal, RANCHI BENCH, RANCHI
Before: SHRI GEORGE MATHAN, JM & SHRI RATNESH NANDAN SAHAY, AM
O R D E R Per Bench : These two appeals are filed by the assessee against the separate orders passed by the ld.CIT(A), National Faceless Appeal Centre (NFAC), Delhi, both dated 31.03.2025 for the assessment year 2013-2014.
It was submitted by the Ld.AR that for the assessment year 2013- 2014 the original assessment came to be completed u/s.143(3) of the Act on 29/01/2016 and for the assessment year 2014-2015 the original assessment came to be completed u/s.143(3) of the Act on 29.12.2016. Notice u/s.148 of the Act for A.Y.2013-2014 came to be issued on 28.03.2018 and for A.Y.2014-2015 the notice was issued on 24.06.2019. The Ld. AR drew our attention to reason recorded to reopening for the assessment year 2013-2014 at pages 47 to 51 of the paper book which reads as follows:-