TaxTMI 
TaxTMI 
2021 (12) TMI 1258
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....ii) That the original assessment having been completed u/s 143(3] of the Act, after due verification of return of income, the notice u/s 148 is merely on account of change of opinion and for the purposes of re-appreciation of material already on record which is impermissible. (iv) That the objection raised by audit party per se does not constitute tangible material and there being no other adverse material on record, the reopening u/s 147 is illegal and not sustainable for want of tangible material. (v) That the various case laws relied upon by the CIT(A) are distinguishable on facts and as such not applicable to the present case. (vi) That in absence of proper approval in terms of provisions of section 151 of the Act, the notice u/s 148 is illegal and without jurisdiction addition of Rs. 1,12,54,637/- on account doubtful debt while computing the book profits u/s 115JB of the Act. 2(i) That even on merits the ld. CIT(A) was not justified in confirming the addition of Rs. 1,12,54,637/- on account of provision towards bad and doubtful debt while computing the book profits u/s 115JB of the Act. (ii) That the provision of bad & doubtful debt....
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....31/03/2016. Since, the case falls with in four years from the end of the relevant year, the requirement to initiate proceeding u/s 147 of the Act are reason to believe that income for the year under consideration has escaped assessment because of failure on the part of assessee to disclose fully and truly ail materia! facts necessary for his assessment year under consideration. It is pertinent to mention here that reasons to believe that income has escaped assessment for the year under consideration have been recorded above (refer paragraphs 1-3). As the re-opening of the case relates to assessment year 2014- 15 which is within four years, the approval of Ld. JCIT, Central Range- 04, New Delhi is required in this case. A proposal for issuing notice u/s 148 of the I.T. Act, 1961 for assessment year 2014-15 is being sent as per prescribed proforma. Dated: 30.03.2018 (Sanjiv Kumar) Asstt.Commissioner of Income Tax Central Circle-14, New Delhi Whether the Addl./Joint Commissioner of Income Tax is satisfied on the reasons recorded by the ACIT that it is a fit case for issue of notice u/s 148. (Satish Kumar Gupta) Joint Commissioner of Income Tax &n....
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....ncome along with calculation of disallowance u/s 14A r.w.r. 8D is enclosed as per Annexure-V. 8. Point no 26, there is no any payment made in violation of section 269SS and 269TT of Income Tax Act 1961. 9. Point no 27, the assessee company has claimed deduction under section 80IA of the Income tax act 1961 on its income from power generation business through windmills. Audit report in From no 10CCB certified by the chartered accountant along with separate profit and loss account of such business is enclosed herewith as Annexure-VI. 10. Point no 28. we have not received any AIR information hence there is no comment offered on the same. 11. Point no 29, no expenses incurred for maintenance of vehicle for Non Business use. 12. Point no 30, relevant books of accounts along with vouchers are produced herewith for your perusal. 13. Point no 31, copy of the Balance sheet, profit and loss accounts along with schedules and tax audit report is enclosed herewith as Annexure- VIl. 14. Point no 32. the group is primarily into the business of manufacturing and trading of Industrial gases. M/s Goyal MG Gases (P) Ltd is the flagship co....
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....1,12,54,637 as provision for Bad & doubtful Debts to his profit and loss account which was added back while computing the income under normal provision of the Act. But while computing the income under special provisions of the Act, this amount was not added back. Being unascertained liability, this provision was required to be added back. The mistake resulted in underassessment of income by Rs. 1,12,54,637 involving short levy of tax of Rs. 28,37,265 including interest. The above mistake is proposed to be rectified and your total tax is proposed to be enhanced accordingly." 11. Vide reply dated 22.06.2016, the assessee made detailed submissions to the notice u/s 154 of the Act and the same reads as under: Dear Sir, This is in continuation of our earlier letter dated 20/06/2016. our further submission is as under:- With reference to provision for bad and doubtful debts of Rs. 1,12,54,637/- we would like to inform you that this provision relates to the amount recoverable from the Customer against Sale of power. As per the provision of Section 115 JB of the Income tax act, 1961. the above provision is neither an unascertained liability and nor a diminutio....