TaxTMI 
TaxTMI 
2022 (1) TMI 375
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....ecember 2019 passed by respondent no.1 disposing of the objections filed by petitioner against initiation of reassessment proceedings for A.Y.-2013-2014. 2. For A.Y. 2013-2014 petitioner filed return of income on 30th November 2013 declaring total income at loss of Rs. 4,60,12,34,048/- under normal provisions and Rs. 273 crores under Section 115JB of the Act. Revised return of income was also filed declaring income as shown in original return of income. The assessment was completed on 30th December 2016 under Section 143(3) of the Act determining total income at Rs. 24,76,63,28,847/under normal provisions and Rs. 13,96,21,60,821/- under Section 115Jb of the Act. 3. Thereafter, petitioner received notice dated 2nd August 2019 under Sec....
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....e full and truthful disclosure of all primary facts. Once all the primary facts are before the assessing authority, he requires no further assistance by way of disclosure. It is for him to decide what inferences of facts can be reasonably drawn and what legal inferences have ultimately to be drawn. It is not for somebody else-far less the assessee to tell the assessing authority what inferences, whether of facts or law, should be drawn. Indeed, when it is remembered that people often differ as regards what inferences should be drawn from given facts, it will be meaningless to demand that the assessee must disclose what inferences - whether of facts or law - he would draw from the primary facts. If from primary facts more inferences than one....
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....ld that the Assessing Officer has no power to review and he has power to reopen provided there is tangible material to come to the conclusions that there is escapement of income from assessment and there was failure on the part of assessee to truly and fully disclose material facts. The Assessing Officer cannot simply say that he has reasons to believe that income which was chargeable to tax has escaped reassessment by reasons of failure on the part of assessee to disclose fully and truly all material facts necessary to take the case out of the restrictions imposed by proviso to Section 147 of the Act as held in Sesa Goa Limited Vs. Joint Commissioner of Income Tax & Ors. (2007) 294 ITR 101 (Bom). 5. The entire basis for proposing to reo....
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....on of income but this is a case wherein the assessment is sought to be reopened on account of change of opinion of the Assessing Officer. In a similar case where the notice to reopen the assessment was founded entirely on the assessment records and the entire basis for reopening the assessment was the disclosure which has been made by the assessee in the course of the assessment proceedings and where no material to which a reference was to be found, a Division Bench of this Court in 3i Infotech Limited V/s. Assistant Commissioner of Income Tax (2010) 192 Taxman 137 (Bombay) in paragraph 12 held as under: 12. The record before the Court, to which a reference has been made earlier, is clearly reflective of the position that during th....