2016 (6) TMI 337

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....partnership firm for the assessment year 2009-10 had filed return of income which was taken into scrutiny by the Assessing Officer. He passed an order of assessment on 22.11.2011 under Section 143(3) of the Act. To re-open such scrutiny assessment; the Assessing Officer issued impugned notice which was clearly beyond period of four years from the end of relevant assessment year. 3. At the request of the assessee, the Assessing Officer supplied the reasons recorded by him for issuance of the notice for re-opening of the assessment. The reasons read as under: "2. Subsequently, on verification of case records and material available on records, it is found that as per the contents of partnership deed. (I) Simple interest @ ....

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.... (net profit) -30,00,782/- (interest) =Rs. 3,83,06,930/- (book profit) On first Rs. 75,000/- @ 90% or Rs. 50,000/- whichever is higher Rs. 67,500/- On next Rs. 75,000/- @ 60% Rs. 45,000/- On balance book profit @ 40% Rs. 1,,52,62,772/-   Rs. 1,53,75,272/-   Failure to do so attracts the provisions of section 80IA(10) r.w.s 10b(7) of the Act. Accordingly, remuneration to three working partners of Rs. 1,53,75,272/- is required to be disallowed from the business income eligible for deduction under section 10B of the Act. 3. Thus, in view of the above facts, I have reasons to believe that the income of more than Rs. 1 lakh chargeable to tax for A.Y. 2009-10 has escaped assessment in view of....