TaxTMI 
TaxTMI 
2012 (5) TMI 685
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....objections raised by the petitioner to initiation of the reassessment proceedings. 2. It is not disputed that the proviso to Section 147 of the Act is attracted as (i) the reassessment notice has been issued after four years of the end of the assessment year and (ii) the original return of income was subjected to scrutiny assessment vide order under Section 143(3) dated 30th March, 2006. 3. Two contentions are raised and have to be decided. Whether this is a case of the change of opinion and secondly, whether there was failure on the part of the petitioner to fully and truly disclose all material facts relevant for the assessment. 4. The reasons to believe read as under: ?The assessee is a company incorporated u....
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....e a return of income has been furnished by the assessee but no assessment has been made and it is noticed by the Assessing officer that the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return; (c) Where an 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 the above, I have reason to believe that the income of the assessee for A.Y. 2003-04 chargeable to ta....
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.... a detailed speaking order the Assessing Officer, examined the claim under the heading ?software?. He referred to Article 13(2) of the DTAA and Section 9(i)(vii) of the Act. He held that the payments received under the said contract for software were taxable as ?royalty? under Article 13 of DTAA and Section 9(i)(vi) of the Act. Break up of the sale consideration was provided and scrutinized. They were subjected to the tax @ 10% as stipulated in Article 13(3) of DTAA. In the first part of the assessment order, the Assessing Officer had examined the question whether or not the petitioner had a permanent establishment in India and had held in affirmative. 7. In view of the aforesaid position, it is clear that the question of taxability ....