2014 (4) TMI 977

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....ction of the ld.AO reopening of assessment under section 148 of the Act in complete disregard of the submissions of the appellant and various judicial pronouncements relied upon on the course of appellate proceedings. While doing so, the Ld.CIT(A) erred:-" 3. We have heard the arguments of both the sides and perused relevant material placed before us. The assessment year under consideration is 2004-05. Reopening has been done vide issue of notice dated 24th August, 2011. Thus, admittedly, the notice was issued after more than four years from the end of the relevant assessment year. Original assessment was completed under Section 143(3) of the Income-tax Act, 1961 vide order dated 28th December, 2006. 4. After considering the arguments of ....

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....come. Therefore, the only question which remains is whether there was any failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. The Assessing Officer has reproduced the reasons recorded for reopening of assessment in the assessment order and, for ready reference, the same is reproduced below:- "In this case the assessment for assessment year 2004-05 was completed after scrutiny in October 2006 determining taxable income of Rs.6,65,58,280/- under normal provisions. Later it came to the notice that assessee had brought forward losses of previous years and accordingly the income of assessee was reassessed under section 154 at Rs.6,26,57,011/- under normal provisions of Income tax Act,....