2016 (11) TMI 1562

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pening of assessment u/s 147 in the case of M/S Alcatel Lucent India Ltd. (PAN: AACCA8667N) in AY 2008-09. In this case return declaring loss of Rs. 28,83,60,630/- was filed on 31.03.2010. The return was processed u/s 143(1) of the IT Act 1961. Thereafter, the assessment u/s 143(3) of the I.T. Act was made by order dated 26.12.2011 determining total loss of Rs. 21,78,43,257/-. On perusal of records, it is noticed that the assessee had debited an amount of Rs. 1,38,62,346/- to the profit and loss account in connection with the merger of the company with other companies and the merger was approved by the Delhi High Court. As per 3CD report deduction u/s 35DD amounting to Rs. 27,72,469/- being the 1/5th of the total expenditu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....her perusal of records, it is noticed that return of income was filed by the assessee at a loss of Rs. 28,83,60,630/- which was assessed u/s 143(3) at a loss of Rs. 21,78,43,257/-. It is observed that as per computation of taxable income, consolidated profit of all the five units should have been at Rs. 59,75,01,112/- instead at a loss of Rs. 28,83,60,830/-. Hence, the assessee has not filed fully and truly facts during the course of assessment proceedings and this resulted in under assessment of income of Rs. 59,75,01,112/- and over assessment of loss of Rs. 21,78,43,257/-. Thus, income to the tune of Rs. 81,53,44,369/- has escaped assessment. In view of the above, I am satisfied that the income to the tune of Rs. 83,71,12,726/- h....