2016 (8) TMI 274

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.... For the assessment year 2007-08, the petitioner had filed return of income declaring 'nil' income. In the return, the petitioner had claimed deduction of Rs. 45.77 lacs (rounded off) under section 80IB(10) of the Act. The return was taken in scrutiny. Assessing Officer passed order of assessment under section 143(3) of the Act on 29.12.2008 accepting the petitioner's return income. To reopen such assessment, the respondent Assessing Officer issued impugned notice dated 25.03.2014. He had recorded following reasons for issuing the notice. "Reasons for belief that the income has escaped: The assessee is engaged in business of construction of housing projects. The return of income for the year under consideration was filed b....

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.... not done. This has resulted into under assessment of income Rs. 24,47,835/- . As such, I have a reason to believe that an amount of Rs. 24,47,835/- has escaped assessment in the hands of the assessee for the year under consideration. I am satisfied that the case of the assessee is a fit case for issuance of notice under section 148 of the Act." 2. The petitioner raised objections to the notice for reopening under a letter dated 02.07.2014. Such objections were however rejected by the Assessing Officer on 09.09.2014. 3. Learned counsel for the petitioner submitted that there was no failure on the part of the assessee to disclose truly and fully all material facts. Notice for reopening which was issued beyond a period of four years ....