SKY DIAMONDS Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) RULE . Mr. Mehta, learned Standing Counsel, waives notice of Rule. The matter is finally heard with the consent of the learned advocates appearing for both the sides.

(2.) THE only question which may arise for consideration in the present matter is "Whether the bar of four years provided by first proviso of section 147 of the Income Tax Act can be made applicable to the facts of the present case or not?

(3.) THE relevant facts are that as per the petitioner, for the assessment year 20082009, the scrutiny was made under section 143(3) of the Income Tax Act (hereinafter referred to as the "Act") and the petitioner submitted detailed letter on various points connected with the return of income tax filed under section 139 of the Act. On 18.11.2010, during the course of regular assessment, in reply to the notice under section 142(1), the Chartered Accountant of the petitioner, vide letter, had submitted various documents including the audit report and the details about the salary of the partners. On 28.12.2010, the assessing officer passed a scrutiny assessment order under section 143(3) of the Act and while passing the said order, the survey made on 22.08.2008 and other relevant aspects were considered and the order was passed.