AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2014 (11) TMI 950
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.... the assessment year 2005-06. 2. It is evident that the notice under Section 148 was issued beyond the period of four years from the end of the relevant assessment year. Consequently, the first proviso to Section 147 of the said Act would be applicable. The said Section 147 along with the said first proviso reads as under:- "147. If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the ....
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....that the entire controversy revolves around the deduction which had been claimed and allowed to the petitioner under Section 10A of the said Act in the original assessment order dated 30.11.2007. In the assessment order, it was specifically stated that the assessee company deals in software design, development and modification services and had claimed exemption under Section 10A of the said Act. After making certain disallowances on account of certain other items and examining the return and accompanying documents, the Assessing Officer assessed the profit and gains from business and profession as nil as claimed by the petitioner/ assessee on account of the exemption claimed under Section 10A. The learned counsel for the petitioner also dre....
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....eable to tax has escaped assessment namely: (a) .............. (b) .............. (c) Where the assessment has been made, but (i) Income chargeable to tax has been under assessed; or (ii) Such Income has been assessed at too low a rate or (iii) Such Income has been made the subject of excessive relief under this Act; or (iv) Excessive loss or depreciation allowance or any other allowance under this Act has been computed:" In view of explanation 2(c) (i) & (iv) to section 147, as quoted above, I have reason to believe that taxable Income to the tune of Rs. 5,85,472/-, has escaped assessment. Therefore it is proposed to issue notice u/s 148 of the IT Act, 1961 in order to tax the above said escaped income. In view of the above, as per....
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....e case of Skyworks India for the subject AY was completed under Section 143(3) of the Act. Detailed scrutiny proceedings were initiated and the assessment was concluded vide order dated November 30, 2007. However, the notice under Section 148 of the Act seeking to reopen the assessment for the assessment year is issued after the expiry of four years from the end of the relevant assessment year i.e. beyond the period of limitation which in the instant case expires on March 31, 2010. Hence, after the expiry of four years from the end of the relevant assessment year, the proviso to Section 147 of the Act would be attracted and no action can be taken after 4 years from the end of relevant assessment year under Section 147 of the Act, unless su....
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....the reasons recorded. It is well settled by several decisions starting from Haryana Acrylic Manufacturing Company v. CIT: (2009) 308 ITR 38 (Delhi) and including Wel Intertrade Private Limited v. ITO: (2009) 308 ITR 22 (Delhi) and CIT v. Suren International Private Limited: (2013) 357 ITR 24 (Delhi) that the reasons must record that there was such a failure on the part of the assessee or, in the least, the reasons must lead to the clear and direct inference that there was a failure on the part of the assessee to fully and truly disclose all material facts necessary for assessment. The reasons must indicate which material fact was not fully and truly disclosed. In the last mentioned case, this Court, after referring to the earlier decisions ....