2016 (3) TMI 1204

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....ince common issue arises for consideration in both the appeals, we heard them together and disposing of the same by this common order. 2. Shri R.Vijayaraghavan, ld. Counsel for the assessee submitted that the first issue arises for consideration in both the appeals is reopening of assessment u/s 147 of the Act. 3. According to the ld. Counsel, for the assessment year 2003- 04, the assessee filed the return of income on 28.11.2003. The return was processed u/s 143(1) of the Act and intimation was issued on 12.3.2004. The assessee filed a revised return on 5.1.2005. Subsequently, the Assessing Officer completed the assessment u/s 143(3) r.w.s 92CA of the Act on 29.3.2006. Thereafter, the Assessing Officer found that the income otherwise....

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....nnot stand in the eye of law. 5. On the contrary, Shri Pathlavath Peerya, ld. Departmental Representative submitted that mere production of books of account and other documents before the Assessing Officer in the original assessment proceedings does not imply that the assessee has fully and truly disclosed all the material facts before the Assessing Officer. Referring to Explanation 1 to sec. 147, the ld. DR submitted that mere production of books of account or other evidence would not be considered as producing all the material facts relevant for completing the assessment. In view of Explanation 1 to sec. 147, according to the ld. DR, the Assessing Officer has rightly reopened the assessment. 6. We have considered the rival submissio....