2014 (12) TMI 1022

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....stri Senior Advocate with Mr. Madhur Agarwal i/b. Mint For the Respondent : Mr. Nirmal C. Mohanty ORDER P. C. 1] These petitions challenge two separate notices dated 25 March 2014 issued under Section 148 of the Income Tax Act, 1961 ("the Act") seeking to reopen assessment for the Assessment Years 200708 and 200809 respectively. Thus both the impugned notices are beyond a period of fou....

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....he depreciation on the block of assets which included Rs. 1.81 crores was not disturbed by the Assessing Officer. It is the petitioners contention that all facts were disclosed at the time of regular assessment under Section 143(3) of the Act leading to the order dated 10 December 2010 for the A.Y. 2007-08 and for the subsequent year i.e. A.Y. 200809 it would be considered as the written down valu....

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....ly in their objections to the reasons in support of the notice taken up a stand that there was no failure on the part of the petitioners to make true and complete disclosure. This is evidenced by the fact during the assessment proceedings for A.Y. 2007-08, at the instance of the Assessing Officer, the Purchase Agreement entered into between M/s. Garda Chemicals Limited and the petitioners were mad....

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....sing a reasoned order thereon is for the Assessing Officer to give some reasons to meet the objections of the Assessee and not merely dispose of objections by being silent and then proceed with reassessment proceedings. Similarly, the Revenue has also placed reliance on the decision of the Apex Court in Commissioner of Income Tax & Ors. vs. Chhabil Dass Agarwal reported in (2014) 1 SCC 603 and sub....