2017 (1) TMI 1722

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....e requirements set out in first proviso to Section 147 of the Income Tax Act, 1961 (in short ''the Act"). 2. Facts apropos are that assessee engaged in manufacturer of corrugated cartons had filed return of income for the impugned assessment year declaring a loss of Rs. 18,15,356/-. The return filed was alongwith Audited profit and loss account, balance sheet, schedules and computation of income. The assessment was completed thereafter u/s.143(3) of the Income Tax Act, 1961 (in short ''the Act'') on 15.12.2008. The loss returned was accepted after making a disallowance of a sum of Rs. 21,265/- being transportation charges paid without deducting TDS. Thereafter on 15.03.2013 a notice u/s.148 of the Act was issued to the assessee. The reason....

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....f opinion. He also held that ld. Assessing Officer was justified in treating the loss on sale of shares as capital loss. He dismissed the appeal of the assessee. 4. Now before me, ld. Authorised Representative strongly assailing the reopening done for the impugned assessment year submitted that such reopening having been done after four years from the end of the impugned assessment year proviso of Sec. 147 of the Act would be attracted. According to him, by virtue of judgment of Hon'ble Apex Court in the case of CIT vs. Kelvinator India Ltd 320 ITR 561 unless and until there was fresh tangible material justifying a reopening, a reopening done after four years would not be valid in law. 5. Per contra, ld. Departmental Representative submit....