2017 (5) TMI 1163

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....') and issuing the impugned notice dated 6th May 2015. Also challenged is the order dated 17th June 2016 passed by the Assessing Officer (AO) rejecting the Petitioner' objections to the reopening. 2. It is required to be noted at the outset that the original return filed for the AY in question was picked up for scrutiny by the AO and completed under Section 143(3) of the Act. 3. The reasons for reopening of the assessment concerned the claim of deduction under Section 80 IC of the Act of a sum inclusive of the interest income earned by the Assessee. The reasons for reopening reads as under: "The assessment in this case for A Y 2009-10 was completed after scrutiny on 31.03.2011 at income of Rs. 835,679/- after allowing for deduc....

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....and approval of the Pr. CIT, Delhi-1, New Delhi prior to issue of notice U/s 148 in this case. Proposal for issue of Notice u/s 148 of IT Act, 1961, in the prescribed proforma is submitted for your kind approval and necessary action please." 4. As the AO himself noted in the above reasons for reopening, this was after four years from the end of the Financial Year for which the assessment order sought to be re-visited was passed. This meant that in terms of the first proviso to Section 147 of the Act, it was mandatory for the AO to indicate that there was a failure on the part of the Assessee to disclose "fully and truly all material facts necessary for the assessment for AY 2009-10. 5. The mandatory nature of this requirement has b....

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....cuments in support of such claim. The operative portion of the original assessment order reads as under: "The assessee company is engaged in the business of mfg. of pharmaceuticals items at Haridwar. The assessee is claiming exemption u/s 80IC as its units are situated at Haridwar which are eligible for exemption u/s 80IC vide board notification no. 17712004. The assessee company has filed copies of the 80IC certificates in this regard which have been duly examined and found to be correct. The assessment for the assessment year 2005-2006, 2006-2007 and 2008-2009 were also made under scrutiny where in also deduction under section 80IC has been allowed. Accordingly in this year also after verification deduction under section 80IC amounting....