TaxTMI 
TaxTMI 
2013 (7) TMI 479
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....cessary supporting evidence on October 31, 1994. During the course of assessment proceedings, a show-cause notice dated September 8, 1995, came to be issued to the petitioner calling for information on different aspects for the purpose of finalizing the assessment. The petitioner gave all explanatory details during the course of hearing as well as by way of submissions. Thereafter, the Assessing Officer finalized the assessment under section 143(3) of the Act, vide order dated March 29, 1996, after making certain additions and disallowances. The assessee preferred an appeal before the Commissioner (Appeals), who partly allowed the same, vide order dated February 20, 1997. Against the said order, the petitioner preferred a second appeal befo....
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....aria, learned advocate appearing on behalf of the petitioner, submitted that in this case, original assessment was framed after a thorough scrutiny of details filed by the petitioner and after several explanations and evidence were furnished by the petitioner during the course of assessment as required by the Income-tax Department. Over and above the original assessment, the reassessment under section 143(3) read with section 147 of the Act has also been completed. Despite the existing factual position, the respondent issued notice under section 148 of the Act. The learned advocate invited the attention to the earlier assessment order framed under section 143(3) read with section 147 of the Act as well as to the reasons recorded, to submit ....
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....cumstances, there is no bar against the respondent in initiating proceedings under section 147 on the same ground in respect of which the assessment was sought to be reopened earlier. Inviting attention to the reasons recorded, it was submitted that it is apparent that the same duly reflect that income chargeable to tax has escaped assessment on account of failure on the part of the petitioner to disclose fully and truly all material facts and as such, the requirements of section 147 are duly satisfied. It was, accordingly, urged that the petition being devoid of any merit, deserves to be dismissed. A perusal of the earlier assessment order framed under section 143(3) read with section 147 of the Act along with the reasons recorded in the p....
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.... the end of the relevant assessment year, in a case where earlier the assessment had been made under section 143(3) of the Act, the Assessing Officer is required to record two fold satisfaction. Firstly, that income chargeable to tax has escaped assessment ; and, secondly, that such escapement is by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment for that assessment year. A perusal of the reasons recorded for reopening the assessment, inter alia, indicates that upon a scrutiny of the record, it was found that there was irregularity in valuation of closing stock as per the details filed in the last year in the audited accounts. The closing stock was shown at Rs. 31,17,....
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....ith respect to four generator sets valued at Rs. 16,03,820 and 301 barrels of oil valued at Rs. 2,83,000 which was required to be added to the petitioner's income and, therefore, income had escaped assessment. The Assessing Officer has recorded other grounds for reopening also. However, it is not necessary to refer to all the grounds individually inasmuch as it is settled legal position that if the reopening is valid on one ground, the same would be sustainable. From the facts noted hereinabove, it is apparent that the Assessing Officer has recorded twin satisfaction as required under the proviso to section 147 of the Act. From the reasons recorded it is clear that income chargeable to tax has escaped assessment. Considering the fact tha....