Sec. 147 & 151 of Income-tax Act, 1961— Reassessment—For assumption of jurisdiction under s. 147, the AO must form a prima facie opinion on the basis of material that there is an escapement of income, the opinion formed may be subjective but the reasons recorded or the information available on record must show that the opinion is not a mere suspicion, the reasons recorded and/or the documents available on record must show a nexus and relevancy to the opinion formed by the AO regarding escapement of income and the reasons are required to be read as they were recorded by the AO. For assumption of jurisdiction, in the reasons so recorded, the AO has also stated that assessee has failed to fully and truly disclose all material facts necessary for the assessment and what material facts have not been disclosed by the assessee-company have not been spelt out by the AO and the AO has himself stated that the assessee has credited capital gain on sale of agricultural land in its P&L a/c and the same have been reduced while working out book profits under s. 115JB, therefore, it was found  that all primary facts have been duly disclosed by the assessee-company and it is for the AO to draw correct legal inference therefrom. further, it was found that while alleging such failure on the part of the assessee-company, the AO has apparently drawn reference to the proviso to s. 147 which is not applicable in the instant case as the notice under s. 148, dt. 28th Feb., 2017 has been issued within four years from the end of impugned asst. yr. 2013-14, thus, the proviso to s. 147 and the condition so specified therein cannot be invoked to assume jurisdiction under s. 147, thus, the basic requirement for assumption of jurisdiction under s. 147 is not satisfied in the instant case and consequent reassessment proceedings deserve to be set-aside and the ground so taken by the assessee-company in its cross-objection is thus decided in favour of the assessee—Krish Homes (P) Ltd. vs. ITO [2020] 203 TTJ 909 (JP)