TaxTMI 
TaxTMI 
2012 (5) TMI 370
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....n 29.10.2005 were completed by an order under Section 143(3) of the Act dated 31.12.2008. The assessee had declared income of Rs.10,83,61,920/- which was enhanced to Rs.33,49,73,994/- by order dated 31.12.2008. We are not concerned with the said addition, which is the subject matter of challenge in the appellate proceedings. 3. On 24.3.2011 the respondent issued notice under Section 148 of the Act inter alia recording the following reasons: "Return of income declaring income of Rs.10,83,61,920/- was filed on 29/10/2005. Assessment was completed u/s 143(3) on 31/12/2008 at Rs.33,49,73,994/- resulting in demand of Rs.11,14,78,598/-. Perusal of profit & Loss a/c reveals that assessee had claimed and was allowed the expenditure of Rs.11....
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.... Sd/- (A.S. Nehra) Asstt. Commissioner of Income Tax, Circle 5(1), New Delhi" 4. It is the accepted position that the re-assessment notice was issued after 4 years from the end of the assessment year. Therefore, two conditions are required for valid initiation of the reassessment proceedings. Firstly it should not be a case of change of opinion and secondly, there should be failure by the assessee to fully and truly disclose all material facts necessary for the assessment. 5. Ld. counsel for the petitioner has drawn our attention to the letter dated 4.9.2008 which was written by the petitioner-assessee during the course of the original assessment proceedings. In para 1 of this letter the petitioner had stated as under: "Apropos to our dis....
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.... Income Tax Vs. Eicher Ltd. (2007) 294 ITR 310, it has been held: - "15. In Hari Iron Trading Co. v. CIT [2003] 263 ITR 437, a Division Bench of the Punjab and Haryana High Court observed that an assessee has no control over the way an assessment order is drafted. It was observed that generally, the issues which are accepted by the Assessing Officer do not find mention in the assessment order and only such points are taken note of on which the assessee's explanations are rejected and additions/disallowances are made. We agree. 16. Applying the principles laid down by the Full Bench of this court as well as the observations of the Punjab and Haryana High Court, we find that if the entire material had been placed by the assessee before the ....