LALIT BAGAI Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS writ petition is directed against the notice dated 26.03.2014 issued under Section 148 of the Income -tax Act, 1961 seeking to reopen the assessment for the assessment year 2007 -08. It is obvious that the notice has been issued beyond four years from the end of the relevant assessment year. Therefore, the learned counsel for the petitioner has urged that the proviso to Section 147 would be applicable. The said proviso requires, inter alia, the following conditions to be fulfilled before the assessment can be reopened beyond the said period of four years: -

(2.) ACCORDING to the learned counsel for the petitioner, there is no failure on the part of the assessee / petitioner in disclosing all the material particulars. Furthermore, it is contended that the reopening is premised on a mere change of opinion which is also not permissible.

(3.) THE learned counsel for the department / revenue defended the action taken by the Assessing Officer. She reiterates the stand taken in the counter affidavit and submits that this is a fit case for reopening of assessment.