TaxTMI 
TaxTMI 
2015 (4) TMI 226
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....e Tax Act, 1961 for the Assessment Year 2005-06, on the two grounds firstly assessee, Dolphin Drilling PTE Limited is not the owner of Belford Dolphin, in view of the document dated 04.05.2003 and secondly that, it has come to the notice that assessee while filing return of the income tax has not included the sum of Rs. 29,15,76,689/- in the receipt in P&L Account, therefore, assessee, in violation of provision, contained in Section 199 of the Income Tax Act, has claimed credit of T.D.S without offering the income for taxation. Section 147 of the Income Tax Act, 1961 reads as under: "Income escaping assessment. - If the [Assessing Officer] [has reason to believe] that any income chargeable to tax has escaped assessment for any assessment ....
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....ich are the subject matter of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.] Explanation 1 : Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso. Explanation 2 : For the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely : (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this Act duri....
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....ction, as amended, by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.]" As per second proviso of Section 147 of the Act, Assessing Officer may assess or reassess such income, other than income which was the subject matter of any appeal, reference or revision, which was chargeable to tax and had escaped assessment. In other words, such income can be said having been escaped, which was not the subject matter of appeal, revision or reference before the higher authorities, after having assessment finalized by the Assessment Officer. Undisputedly, assessment was finalized for the Assessment Year 2005-06 vide Assessment Order dated 26.12.2008, which was assailed before t....