Shanti Prime Publication Pvt. Ltd.
Sec. 147 of the Income Tax Act, 1961- Reassessment – The petitioner seeks quashing of notice dated 30-3-2001 issued under section 148 of the IT Act, for the A.Y. 1990-91 and subsequent notices issued under sections 143(2) and 142(1) of the said Act. Beyond the period of four years when an assessment is sought to be re-opened, there must be failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. The petitioner had already furnished all required material on record. Thus, while allowing the writ petition, High Court set aside all the impugned notices holding that ”the condition precedent for re-opening the concluded assessment of the petitioner is absent in the present case. In such circumstances, issuance of the impugned notice under section 148 of the Act is clearly without jurisdiction and is therefore illegal and invalid“. - STATE BANK OF INDIA V/s VINEET AGRAWAL -  428 ITR 519 (BOM)