TaxTMI 
TaxTMI 
2017 (8) TMI 325
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....nd circumstances of the case and in law, the Ld.CIT(A) has erred in quashing the order passed u/s 147/143(3) holding that it was without jurisdiction, though the case was purely as per the provisions of section 147 of the I T Act. 2. On the facts and circumstances of the case and in law, the Ld.CIT(A) has erred in quashing the order passed u/s 147/143(3) holding that it was out of jurisdiction, without appreciating the facts that the issues were never discussed during the first assessment proceedings. 3. On the facts and circumstances of the case and in law, the Ld.CIT (A) has erred in not considering the fact that the assessee's case is clearly covered in Clause (C) of Explanation 2 below first proviso appended to Sec....
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....st earned" instead of the correct amount of Rs. 727,91,12,000/- as appearing in schedule XIII. Hence, the interest income was shown less by Rs. 3,69,03,000/-. (2) Assesses has claimed and allowed depreciation @ 60% on LAN and WAN equipments under the head Compute/ hardware whereas LAN/WAN is to be treated as Plant and Machinery and depreciation @ 25% should have been allowed. (3) As per RBI Circular dated 10-01-2002 unrealized gains on valuations had not been taken to the income account resulting into lowering of profit by Rs. 1,00,19,000/- whereas as per mercantile system of accounting unrealized gain should have been treated as income of the assessee and added back to the taxable income. (4) The assessee in the ....
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....order dated 17.12.2009 u/s 143(3)/147 of the Act was passed by the Assessing Officer in which the following additions were made:- 1. Short declared interest income Rs.3,69,03,000/- 2. Disallowance of excess interest expense Rs.54,80,000/- 3. Disallowance of excess depreciation Rs.3,05,87,016/- 4. Addition of unrealized income Rs.1,00,19,000/- (B.2). The assessee filed appeal against order dated 17.12.2009 before Ld.CIT(A). In the appeal filed by the assessee before Ld.CIT(A), 11 grounds were taken by the assessee out of which Ground Nos. 1 to 4 related to assumption of jurisdiction u/s 147 of the Act by the AO; Ground Nos.5 to 8 related to merits of various disallowances/additions made by the AO and th....
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....I(1), Chennai [2016] 71 taxmann.com 230 (Chennai-Trib.). The Ld. DR supported the order of the AO. The Ld. Authorized Representative (in short "AR") appearing for the assessee strongly supported the order of the Ld.CIT(A) based on two contentions -firstly, that the initiation of proceedings u/s 147 of the Act and the additions made in order dated 17.12.2009 u/s 143(3)/147 of the Act amounted to "change of opinion"; and secondly, that there was no failure on the part of the assessee to disclose fully and truly all material facts. Ld.AR relied on the following case laws in support of his contentions:- 1. "Commissioner of Income-tax Vs. Kelvinator of India Ltd. [2010] 320 ITR 561 (SC). 2. Assistant Commissioner of Income-tax ....
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....re, that the assessee did file return u/s 139 of the Act; the AO did pass assessment order u/s 143(3) of the Act on 30.03,2005; and re-assessment proceedings u/s 147 of the Act have been initiated after the expiry of more than four years from the end of the relevant assessment year (AY 2002-03). Under these facts, no action u/s 147 of the Act can be taken unless income has escaped assessment by reason of failure on the part of the assessee to disclose all material facts fully and truly. In the instant case, the Revenue has failed to show which material facts were not disclosed by the assessee. We have perused the assessment order dated 17.12.2009 u/s 143(3)/147 of the Act and have also perused the aforesaid written order dated 13.11.2009 of....