2019 (10) TMI 643

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....ejected the objections raised by the Petitioner to the reopening of the assessment. 2. The Petitioner is a company engaged in the business of providing marketing support services and consultancy in sports. The Petitioner, for the assessment year 2012-13, filed a return of income declaring total income of Rs. 6,44,390/-. The return filed by the Petitioner was processed on 22 February 2013 under section 143(2) of the Income Tax Act, 1961. The Assessing Officer issued a notice to the Petitioner on 28 January 2015 for scrutiny assessment. The Petitioner replied to the queries raised by the Assessing Officer. The scrutiny proceedings were concluded and the assessment order was passed on 13 March 2015 and the Assessing Officer accepted the ret....

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....r years from the end of the relevant assessment year, then as per section 147 of the Act, an additional requirement is necessary that is there should be failure on the part of the assessee to fully and truly disclose material facts. 7. The Petitioner has relied upon the decision of the Supreme Court in the case of Jeans Knit Pvt. Ltd. v. The Deputy Commissioner of Income Tax Civil Appeal No.1189/16 decided by the Supreme Court on 8 December 2016. and decisions of this Court in the cases of Aroni Commercials Ltd. v. The Dy. Commissioner of Income Tax WP No.137/2014 decided on 11 February 2014.; Crompton Greaves Ltd. v. Asst. Commissioner of Income Tax WP No.224/2007 decided on 22 December 2014.; Asian Paints Ltd. v. Dy. Commissioner of In....

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.... In the P & L a/c you have shown sale of services at Rs. 1,87,56,347/- under the head Revenue form operations. It is seen in the P & L a/c that an amount of Rs. 20,46,260/- was debited as Purchase of traded Goods/ Stock-in-trade. However, the said goods were neither shown as sales nor in the closing stock. Therefore, the income of Rs. 20,46,260/- chargeable to tax has escaped assessment within the meaning of section 147 of the Income-tax, 1961 by the reason of omission on the part of the assessee-company to disclose the amount of income in the return for the A.Y. 2012-13." The Assessing Officer, as can be seen from the above reasons, is proceeding on the basis that the Petitioner, in the Profit and Loss Account, has shown sale of servic....