2022 (1) TMI 378

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..... C. :- Petitioner is a non banking finance company in the business of lending money dealing in securities and other related activities. Petitioner filed its e-return of income on 28/09/2012 declaring total income at Rs. 64,38,46,480/-. The case was selected for scrutiny and order u/s. 143(3) was passed on 21.01.2015 after making disallowance u/s. 14A of the Act of Rs. 1,02,39,472/- (under Rule....

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....t that there was failure on the part of petitioner to disclose truly and fully material facts required for assessment. 3. Mr. Suresh Kumar relied upon a judgment of this Court in Crompton Greaves Ltd. v/s. Assistant Commissioner of Income Tax, Circle 6(2)  (2015) 55 taxmann.com 59 (Bombay) to submit that even if the reason for reopening does not specifically state that there was any failur....

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....urt held "However, if from the reasons, no case of failure to disclose is made out, then certainly the assumption of jurisdiction under Sections 147 and 148 of the Act would be ultra vires, being in excess of the jurisdictional restraints imposed by the first proviso to Section 147 of the Act." 4. We have considered the reasons for re-opening and in our view, respondents have miserably failed t....

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....he Assessing Officer who passed the original Assessment Order, had all primary facts necessary for assessment and he is supposed to have considered all these points when he passed the Assessment Order. It is also settled law that on change of opinion, assessment cannot be re-opened and in any event, even if we, for a moment, agree with the contents of the reason that the average value of investmen....