2016 (7) TMI 937

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....ssment year, the petitioner's return was taken in scrutiny by the Assessing Officer, upon which, order of assessment under section 143(3) of the Income Tax Act, 1961 ('the Act' for short) was passed on 30.10.2012. To reopen such assessment, Assessing Officer issued impugned notice, for which he had recorded following reasons: "In this case, the assessment was finalized u/s143(3) on 30/10/2012, the income determined at Rs. 44,29,53,081/- & Rs. 9,88,901/- ( long term capital gain). The AO has made the following additions/disallowances. Add: On account of disallowance of write back of provision as discussed above Rs.352231080 Add: On account of disallowance of amount transferred to Special Reserve as discussed above ....

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....this section applies, shall furnish a report in the prescribed form viz 29B from an accountant. Now, the assessee is engaged in activity to promote, finance, construct, sponsor, research, facilitate training, collect data and such other activities for the development of dairy and other agriculture based and allied industries through cooperative initiatives. It filed return of income for A.Y.2010-11 on 1/10/2010 declaring business loss of Rs. 39,92,593/- and long term capital loss of Rs. 9,88,901/- . Subsequently, the revised return of income was efiled on 30032012 declaring total business loss of Rs. 5,56,30,995/- and long term capital loss of Rs. 9,88,901/- . The same was assessed u/s 143(3) and business income was determined at Rs. 44,....

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....n view of the above facts and material which have the nexus with the escapement of income, I am satisfied and have reason to believe that the income of the assessee for the A.Y.:2010-11 has escaped assessment within the meaning of section 147 of the Income Tax Act, 1961 in respect of the MAT liability of Rs. 7,86,51,160/- for the assessment year 2010-11. Thus, this is a fit case for initiation of proceeding u/s 147 of the Act." 3. The petitioner raised objections to the notice for reopening under communication dated 03.02.2016. Such objections were rejected by order dated 08.02.2016. 4. Having heard learned counsel for the parties and having perused reasons on record, it emerges that even as per the Assessing Officer, presently there ....