2014 (9) TMI 789

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....e two appeals by the Revenue relate to Assessment Years 2004-05 and 2005-06. In the two years, re-assessment proceedings were initiated under Section 148 read with Section 147 of the Income Tax Act, 1961 (Act, for short) after end of four years from the end of the assessment year and the original assessments were made on Minimum Alternative Tax (MAT) under Section 115JB after scrutiny under Sectio....

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....the reasons, it has been noted that while working out income under MAT u/s. 115JB, the AO reduced interest accrued from banks amounting to Rs. 1,71,77,395/- for the F.Y. 2003-04, being not provided in the books. However, the amount of interest, forming part of total income, should have been included in the total income while calculating income u/s. 115JA of the Act, 1961. Thus, in the reasons reco....

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.... on the part of the assessee to disclose fully or truly all material facts necessary for his assessment, on the impugned issue of profit under section 115JB, AO has clearly passed the assessment order u/s. 143(3) detailing therein the additions and deletions to the books profit. Hence, now the AO is resorting to change of opinion on the same set of facts which is not sustainable." 3. It is clea....