2017 (6) TMI 555

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....JUSTICE AKIL KURESHI) 1. This appeal is filed by the Revenue challenging the judgment of the Income Tax Appellate Tribunal ('the Tribunal' for short) dated 07.06.2016. In the appeal, following question is presented for our consideration. "Whether the Appellate Tribunal has erred in law and on fact by quashing the issuance of notice u/s.148 of the Act by the Assessing Officer?" ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....iation of Rs.2,09,56,984/. This figure has been worked out, based on the figure of depreciation to be allowed, which was mentioned by Assessing Officer at the time of working out disallowance, at para 4.3 of the assessment order in respect of various assets. The working of excess depreciation, allowed by the Assessing Officer, is as under :-     Date of purchase of asset &nbs....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r, it is also seen that the interest expenses claimed by assessee include interest payment to LBBW, amounting to Rs.41,27,287/, which has been incurred as expenditure in foreign currency, on which no TDS has been made. Hence, this expenditure was required to be disallowed as the assessee has not complied with the provisions of Section 195 of the Act. 4. Hence, I have reason to believe tha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n 148 of the Income Tax Act, in cases where, the original assessment was made under section 143(3) and four years have expired. The AO has been denuded from his powers to issue notice in such cases unless it is established that income chargeable to tax has escaped the assessment on account of failure of the assessee to disclose all the material facts fully and truly in respect of its income. The A....