2015 (9) TMI 1305

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....also directed against the order dated 21.03.2014 passed by the Assessing Officer disposing the objections raised by the petitioner. 2. The assessment in respect of the petitioner's income was completed under section 143(3) on 15.12.2010. The assessing officer had made certain additions on account of section 40(a)(ia) ( Rs. 1,55,94,534/-), under section 14A (Rs.1,55,603/-) and on account of extra depreciation claimed on computer peripherals (Rs. 6,87,043/-). 3. The impugned notice under section 148 was, as mentioned above, issued on 21.03.2013, beyond four years from the end of the relevant Assessment Year. Consequently, the first proviso to section 147 of the said Act would come into play. The said proviso stipulates that no action sh....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n. However, the interest capitalized against the same has been shown at NIL. From the above, it is clear that the assessee should have been capitalized. The assessee however, claimed the same as revenue expenses instead thereby making a wrong claim. It is pertinent here to mention that similar claim of the assessee regarding the interest expenses has been disallowed by the AO amounting to Rs. 24,73,568/- for AY 2009-10. Hence it is clear that the assessee failed to disclose the true particulars of its income on this issue and the same was not dwelled upon by the AO during the original assessment proceedings and no findings were given on this issue by the AO. In view of the above, I have reasons to believe that taxable inco....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ns to believe that taxable income on the abovementioned issues to the tune of Rs. 3,46,28,674/- has escaped assessment and I am satisfied that it is a fit case for issue of notice u/s 148 of the Income-tax Act." To complete the narration of facts, we may point out that the petitioner had filed objections on 22.08.2013 and they were disposed of by the impugned order dated 21.03.2014. 5. From the purported reasons it appears that the assessing officer in the first instance had raised an issue as to whether the interest payments were to be on the revenue account or the capital account. The petitioner had claimed it as a revenue expense and that had been allowed in the original assessment proceedings. The extent of the claim was Rs. 25,07....