TaxTMI 
TaxTMI 
2014 (3) TMI 650
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....objections to the reasons recorded for issuing impugned notice dated 30 March 2013 have been rejected by order dated 20 December 2013 of the Assessing Officer. 2) For assessment year 2006-07 the petitioner has filed its return of income declaring its total income at Rs.16.51 lacs. The petitioner's income was derived from business, house property and capital gains. The Assessing Officer by an order dated 28 November 2008 passed assessment order under Section 143(3) of the Act determining the petitioner's income at Rs.16.88 lacs. 3) The Assessing officer by impugned notice dated 30 March 2013 under Section 148 of the Act sought to reopen the petitioner's assessment for assessment year 2006-07 for reason to believe that income ch....
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....5%. Thus there is excessive grant of interest u/s.244A of Rs.8,773/. The assessed income has been wrongly computed at Rs.16,88,210 instead of Rs.19,58,034/as the AO has not taken into account additions made on account of disallowance u/s.14A, provision for loss in derivative transaction and disallowance u/s.36(1)(iii) in all totalling to Rs.3,06,994/ In view of the above, I have reason to believe that in the case of the aforesaid assessees, income chargeable to tax has escaped assessment for A.Y. 2006-07 within the meaning of Section 148 of the Income Tax Act, 1961 and therefore it is a fit case for issue of notice u/s.148 of the Income Tax Act, 1961. This case is reopened after approval from the CIT8, Mumbai. Issue notice u/s. 148 of the....
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....ue. Thus, it is open to the Assessing Officer to issue notice on the aforesaid ground as the same is not on account of change of opinion. 6) Mr. Tiwari, learned Counsel appearing on behalf of the petitioner submits as under : a) Admittedly the impugned notice dated 30 March 2013 has been issued beyond the period of 4 years from the end of the relevant assessment year. Therefore, in the absence of any averments/allegations that there has been failure on the part of the petitioner to disclose fully and truly all material facts necessary for assessment it is not open to the Assessing Officer to reopen an assessment. This is a jurisdictional requirement provided under the first proviso to Section 147 of the Act. b) The reasons indicated for ....