2017 (7) TMI 140

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....challenging the judgement of the I.T.A.T dated 13.07.2016. Following questions have been presented for our consideration: "[A] whether the Tribunal is right in law and on facts in quashing the reopening proceedings u/s 147 of the Act? [B] Whether the Tribunal is right in law and on facts in not confirming the adjustment of Rs. 4,20,00,063/made in the book profit u/s 115JB of the Act being the s....

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....ond four years from the end of the impugned assessment year. The revenue is fair enough in not disputing this factual position. Its only case is that the Assessing Officer has rightly resorted to the impugned reopening as per the reasons extracted in preceding paragraph. Shri Prasoon Kabra, learned Sr. Departmental Representative, strongly supports Assessing Officer's action. A perusal of the reop....

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....t of such an omission and failure to disclose fully and truly all material fact. Hon'ble jurisdictional high Court in its recent decisions (2013) 359 ITR 447 (Guj.) Kanak Fabrics vs. ITO and (2014) 360 ITR 496 (Guj.) Gujarat lease Financing Ltd. vs. DCIT quashes identical reopening beyond four years from the end of the relevant assessment year for the reason that the assessing authorities had not ....