2013 (7) TMI 264

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....he judgment of the Income Tax Appellate Tribunal dated 12.10.2012 raising following questions for our consideration      "(A) Whether the Appellate Tribunal is right in holding that since no new material has come on record there is no reason to believe that there was escapement of income? The provisions of section 147 expressly provide for reassessment without any requiremen....

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....o be reopened beyond a period of four years from the end of relevant assessment year. In such proceedings, the Assessing Officer disallowed a sum of Rs. 68.36 lakhs(rounded off) . The assessee carried the matter in appeal. He contested the issue both on validity of the reopening as well as on the quantum additions. CIT(Appeals) however, rejected the appeal upon which the assessee approached the Tr....

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....ng same income and unabsorbed depreciation of Rs.76,912/- of AY 1998-99 and Rs.3,85,068/- of AY 2000-01 was allowed to carry forward.      As per the sub-section 2(iii)(b) of section 32 as amended by the Finance Act (No. 2) Act, 1996 with effect from 1st April 1997, if the unabsorbed depreciation allowance cannot be wholly set off, the amount of unabsorbed depreciation allow....

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....ssment in Rs . 68,36,912/-.      Further, there was irregular carry forward unabsorbed depreciation of Rs.76,912/- of AY 1998-99." 5. From such reasons, it straightaway emerges that even as per the Assessing Officer there was no failure on part of the assessee to disclose truly and fully all material facts. In that view of the matter, merely because the claim was not prev....