TaxTMI 
TaxTMI 
2014 (2) TMI 121
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....day. 3.00. By way of this petition under Article 226 of the Constitution of India, the petitioner has prayed for appropriate writ, order and/or direction quashing and setting aside the impugned notice of reassessment issued under section 147 of the Income Tax Act, 1961 (hereinafter referred to as the "Act") (Annexure-A to the petition). 3.01. That the petitioner assessee filed its original Returns of Income for the AY 2005-06 under section 139 of the Act declaring total income at loss of Rs.21,76,52,625/-. That the said return was duly processed under section 143(1) of the Act. That thereafter, the case was taken up for scrutiny assessment and notice under section 143(2) of the Act was issued. That thereafter the Assessing Officer passed ....
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....ter / order rejecting the objections raised by the petitioner against initiation of reassessment proceedings, the petitioner assessee has preferred the present Special Civil Application under Article 226 of the Constitution of India. 3.03. Mr. B.S. Soparkar, learned advocate appearing on behalf of the petitioner has submitted that admittedly the assessment has been reopened beyond the period of four years. It is submitted that therefore, when assessment is framed under section 143(3) of the Act, the same can be reopened beyond a period of four years only and only if an income chargeable to tax has escaped assessment by reason of failure on the part of the assessee :- (i) to make a return under section 139 or in response to notice issued u....
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....se fully and truly all material facts necessary for its assessment for the Assessment Year under consideration, in fact, full disclosure was made by the assessee at appropriate stage and in appropriate year. It is further submitted that even the issue on the basis of which the assessment is sought to be reassessed was considered by the Assessment Officer while passing order of assessment. It is submitted that therefore the impugned notice and/or initiation of proceedings for reopening the assessment would tantamount to reviewing the earlier order which is not permissible. 3.05. Mr. Soparkar, learned advocate appearing on behalf of the petitioner has also tried to make submissions on merits in support of his submission that even on merits a....
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....alf of the petitioner on merits are required to be dealt with and considered while considering the reassessment proceedings and the petitioner shall be given ample opportunity to submit the case on merits. Therefore, it is requested to dismiss the present Special Civil Application. 5.00. Heard he learned counsel appearing on behalf of the respective parties at length. 6.00. At the outset, it is required to be noted that in the present case notice under section 148 of the Act has been issued on 27/4/2011 in relation to the Assessment Year 2005- 06. Hence, admittedly the same has been issued after expiry of a period of four years from the end of the relevant assessment year. Under the circumstances, in light of the proviso to section 147 of....