2013 (6) TMI 251

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....me-tax Act, 1961 (for short, "the Act"), which is a private limited company, is aggrieved by the reopening of the concluded assessment for the assessment year 2006-07 by issue of notice under section 148 of the Act. The assessee questioned this reopening before a learned single judge of this court* by filing a writ petition on the premise that there was no    * Sysarris Software P. Ltd....

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....earned counsel for the appellant, has very vehemently contended that it was not the case of adequacy of reasoning as recorded in the records before reopening, but the relevancy of the reason with which the Assessing Officer could have formed the basis of the nature of the transaction and the manner of assessment for the assessment year 2005-06, i.e., earlier year for reopening the concluded assess....

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....basis, the Assessing Officer having noticed that the assessee having carried an identical business activity with the very business associates and being of the opinion that the pricing was not transparent, but because of mutual relationship and, therefore, formed the opinion that there is an escapement of the income for the assessment year 2006-07 also and proceeded to issue notice under section 14....

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....not be said to be totally irrelevant, as the relevancy is in the context of escapement of income for the assessment year and the information may be from any source outside and an information with reference to any earlier year is outside the purview of the record of the current assessment year. Secondly, we find that reference to the nature of the transactions of the very assessee even for the year....