TaxTMI 
TaxTMI 
2017 (6) TMI 555
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....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?" 2. The issue pertains to reopening0020of asses....
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....ed 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 Name of asset Rate of depreciation 1st Half 2nd....
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...., 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 that income chargeable to tax has escaped assessment in the form of underassessment of income within the meaning as envisaged by section 147 r.w explanation 2(c)(i) & (iv) of the Act. Hence noti....
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....s 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 AO has nowhere alleged any failure of the assessee. The ld.CIT(A) has rightly appreciated the facts. We do not see any reason to interfere in the order of the ld.CIT(A) on this issue. Accordingly, the appeal of....