TaxTMI 
TaxTMI 
2016 (8) TMI 1482
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....ssment on technical grounds as well as on merits. 2. The facts in brief, are that the assessee is a domestic company engaged as Share/Stock Broker, Merchant Banking / financial service provider who filed its Return of Income for Assessment Year 2006-07 during November, 2006 declaring total income at Rs. 6,12,47,996/- , the assessment of which was completed under section 143(3) at Rs. 6,29,41,275/- after making certain adjustments / disallowances vide Assessing Officer [AO] order dated 26.12.2008. The assessee preferred first appeal before Commissioner of Income Tax (Appeals)-14 which was partly allowed vide order dated 24.02.2010. 3. Subsequently a notice under Section 133(6) dated 06.04.2010 was issued to the assessee calling for cer....
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....during assessment proceedings. Prima-facie, there appears to be a case of invoking Section 68 of the IT Act with regard to 'unexplained credit'. On facts and circumstances of the case, it is apparent that income to the tune of Rs. 17,73,18,533/- has escaped assessment. In view of the above, I have reasons to believe that the income of Rs. 17,73,18,533/- has escaped assessment in the hands of M/s J. M. Financial ASK securities Pvt. Ltd. Further escapement of income is because of failure on the part of the assessee to furnished true and fair particulars of income. In order to bring to tax above-mentioned income and any other which might have escaped assessment, found during the course of proceedings, notice under section 148....
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....sing officer and he has applied the mind on all aspects during the original assessment proceedings itself. The learned counsel for the department [DR], on the other hand, has justified the reopening and supported the reopening and contended that no opinion has been formed during the original assessment proceedings and therefore, there is no question of change of opinion in such a case and relied upon the judgment of Delhi High court in the case of Commissioner of Income TaxVI, New Delhi Vs. Usha International Ltd. (348 ITR 485). To counter, the learned AR has contended that opinion was certainly been formed during original assessment proceedings as specified questions has been asked with respect to 'Trade Payables' and 'Sundry Creditors' an....
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....or his assessment, for that assessment year". Therefore, Section 147 provides that when an assessment is completed u/s 143 (3) of the Act then it can be reopened beyond four years from the end of the relevant assessment year, only upon satisfaction of either of following conditions: - (i) failure on the part of assessee to file the prescribed return; or (ii) failure of assessee to disclose full and truly all material facts necessary for the assessment The assessment is sought to be reopened by the AO mainly on the grounds that certain 'Trade Payables' and 'Sundry Creditors' have remained to be examined. We also find that specific queries were raised in this regard by AO during original assessment proceedings in question....