2017 (9) TMI 671

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....spondents : Mr. Rahul Chaudhary, Senior Standing Counsel ORDER 1. The challenge in this Petition is to the notices dated 18th March 2015, 24th March 2015 and 18th January 2016 issued by the Deputy Commissioner of Income Tax ('DCIT') (hereafter Assessing Officer- AO) under Section 148 of the Income Tax Act, 1961 ('Act') seeking to reopen the assessment for the Assessment Year ('AY') 2008-09. ....

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.... 3. In the reasons for reopening of the assessment in the present case, the AO recorded that the Assessee was allowed to set off brought forward losses of Rs. 5,32,18,761/- whereas, according to the AO, as per the assessment records of the AY 2007-08, "no loss was available for set off in subsequent year" as the Assessee-company was assessed at an income of Rs. 19,73,01,700/- in AY 2007-08. Withou....

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....sessee did not have benefit of the assessment order passed for AY 2005-06 at the time of filing its return for the AY in question. There was therefore no failure by the Assessee to make a full and true disclosure of the material facts relevant for the assessment. 5. Since the threshold requirement for the re-opening of the assessment in terms of the proviso to Section 147 (1) of the Act is not ....