2013 (2) TMI 406

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....or the Respondent : Mr Abhishek Maratha, Sr. Standing Counsel. JUDGMENT BADAR DURREZ AHMED, J (ORAL) C.M. APPL. No.9341/2012 (for exemption) Exemption allowed subject to all just exceptions. The application stands disposed of. W.P. (C) No.4507/2012 & C.M. APPL. 9340/2012 Mr Maratha, Sr. Standing Counsel seeks another opportunity to file the counter affidavit. However, we have ....

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....The assessment u/s 143(3) of the IT Act in the above mentioned case for A.Y. 2005-06 was completed in December 2008 determining total income of Rs.66,47,07,190/-. On the perusal of the record that pursuant to the scheme of amalgamation with Ms Liqui Box Liabilities, duties and obligations Etc. would be transferred and the deficit arising on account of excess of fair value of net assets taken over ....

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....rported reasons, the petitioner submitted its objections by virtue of its letter dated 08.05.2012. An opportunity of hearing was also granted to the petitioner whereupon the assessing officer passed an order on 31.05.2012 rejecting the objections. 5. In the reply submitted by the petitioner it had been categorically stated that the proposed proceedings were hit by the first proviso to section 1....

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....ved that assessee has failed to disclose its income fully and truly resulting in under assessment. Accordingly notice u/s 148 was issued on 27.03.2012 after obtaining prior approval of Ld. CIT vide dated 15.03.2012." 6. We have heard the learned counsel for the parties and we feel that since this was a case of proposed reopening of assessment after four years from the end of the relevant assess....