2022 (1) TMI 379

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....itioner was formed as a result of demerger of the erstwhile Maharashtra State Electricity Board with effect from 5th June, 2006. On 28/09/2012, petitioner filed its return of income for AY 2012-13 declaring loss of Rs. 1179,96,17,308/-. Thereafter, petitioner filed a Revised Return of Income on 01/11/2013 declaring a loss of Rs. 2909,14,51,735/-. Assessment Order under section 143(3) was passed on 29/03/2015 determining total income to Rs. 323,64,17,918/-. 3. Petitioner received the impugned notice dated 30/03/2019 under section 148 of the said Act by which the Jurisdictional Assessing Officer (JAO) informed petitioner that he had reasons to believe that income chargeable to tax for AY 2012-2013 has escaped assessment within the meaning ....

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....ption of jurisdiction under Sections 147 and 148 of the Act. We would certainly agree with Mr. Suresh Kumar but as held in Crompton Greaves Ltd. (Supra), this is subject to the rider that there must be cogent and clear indication in the reasons supplied, that in fact there was failure on the part of the assessee to disclose fully and truly all the material facts necessary for its assessment. If the factum of failure to disclose can be culled from the reasons in support of the notice seeking to reopen assessment, that will certainly not be fatal to the assumption of jurisdiction under Section 147 and 148 of the Act. The Court held "However, if from the reasons, no case of failure to disclose is made out, then certainly the assumption of juri....