2012 (3) TMI 334

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....ntification. Amendment may be carried out forthwith. Verification dispensed with. 3. The Assessing Officer has sought to reopen an assessment for AY 2004-05 by a notice dated 10 February 2011 issued under Section 148 of the Income Tax Act, 1961. 4. In the present case an order of assessment was passed under Section 143(3) on 30 October 2006. A notice was issued to the petitioner under Section 148 on 10 February 2011. The following reason has been supplied to the petitioner on 16 August 2011 for reopening the assessment "You have claimed a melting loss in excess of 7.24%, which is higher than what is found in the similar line of business. So the melting loss earlier allowed is excess." 5. The petitioner submitted objections on 9 Nov....

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....ng on behalf of the petitioner submits that reopening of the assessment has taken place beyond a period of four years from the end of the relevant Assessment Year. There is no allegation in the reasons disclosed to the petitioner that there was any failure to disclose fully and truly all material facts necessary for the assessment. Ex facie, the reasons which have been disclosed would only indicate that there is a change of opinion on the part of the Assessing Officer. As a matter of fact, by the order dated 9 December 2011 the assessment is sought to be reopened upon verification of the records for the year under consideration which would show that there was no failure on the part of the assessee to disclose material facts necessary for th....

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....rted to the melting loss claimed by the assessee or the reasonableness thereof. The claim of the assessee was nonetheless accepted by the Assessing Officer in the course of the order of assessment under Section 143(3). The order which has been passed by the Assessing Officer while disposing of the objections of the assessee would in fact indicate that it was on a verification of the records of the assessee for the year under consideration that the Assessing Officer came to the conclusion that the melting loss was found to be on a higher side. The decision of the Tribunal in the case of Saroj Castings, which has been adverted to in the order of the Assessing Officer dated 9 December 2011, was rendered on 30 May 2008. The Assessing Officer co....