2013 (10) TMI 970

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....sment year on 29.10.2001 declaring loss of Rs.37,94,024/-. As per the TDS certificates filed by the assessee, a sum of Rs.1,37,47,3441- was received from M/s. Deutsche Bank. However, the assessee had shown an income of Rs.32,67,775/- only. Assessment was completed on 29.03.2004 after scrutiny under section 143(3) of the Act. Assessee preferred appeals before the Commissioner of Income Tax (Appeals) and thereafter before the Tribunal and the Assessing Officer had passed orders dated 20.09.2005 and 24.12.2007 respectively, giving effect to the directions of these authorities. On 31.3.2008, a notice under section 148 of the Act was issued proposing a reopening. Reason for reopening was sought by the assessee. Such reason was that TDS certifica....

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....ment proceedings were invalid. 4. The Commissioner of Income Tax (Appeals) appreciated the above contentions. According to him, notice under section section 148 having been issued after four years from the end of the impugned assessment year, ratio of the jurisdictional High Court in the case of CIT Vs. Cholamandalam Investment & Finance Company Ltd. [309 ITR 110 (Mad)] clearly applied. He held that such reassessment proceedings were invalid. 5. Now before us, the learned Departmental Representative assailing the order of the Commissioner of Income Tax (Appeals) submitted that mere production of details before the Assessing Officer from which material facts could have been discovered with due diligence would not amount to disclosure n....

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.... directed by the Deutsche Bank. However, it was stated that Deutsche Bank deducted tax on the entire amount. The representative further stated that the income received during the year from the Deutsche Bank is Rs. 32,67,775/- only. Accordingly, for the assessment year 2001-02, credit for TDS is to be given for an amount of Rs. 72,038/- only." 8. It is, therefore, clear that the Assessing Officer had considered the aspect of the difference between the amounts shown in the TDS certificates issued by M/s. Deutsche Bank and what was accounted by the assessee. Explanation in this regard was furnished by the assessee. Once a query was raised and a reply was given and the extract of such reply was stated in the assessment order, we cannot say t....