2022 (2) TMI 528

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....e of Rs. 6,32,09,099/-. The return was processed under Section 143(1) of the Act accepting the returned income. The case was selected for scrutiny and assessment under Section 143(3) of the Act was completed on 10th December, 2018 assessing the total income at Rs. 6,32,39,099/-. 3. Subsequently, in March, 2013 petitioner received the impugned notice of re-opening dated 8th March, 2013. 4. We have considered the reasons for re-opening of re-assessment with the assistance of Mr. Andhyarujina and Mr. Suresh Kumar. 5. The notice for re-opening has been issued after expiry of four years from the end of the relevant assessment year and the scrutiny and assessment under Section 143(3) of the Act having been done, the proviso to Section 14....

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....f explanation 1 to Section 147 of the Act.  These submissions of Mr. Suresh Kumar cut no ice with us. 7. The Apex Court in Calcutta Discount Co. Ltd. V/s. Income Tax Officer (1961) 41 ITR 191 (SC), has held that there can be no doubt that the duty of disclosing all the primary facts relevant to the decision of the question before the assessing authority lies on the assessee, however, does not extend beyond the 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 fo....

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.... been considered during the assessment proceeding. In as much as, query was raised regarding the loan taken and utilisation thereof during the assessment proceeding.  It is evident from letter dated 5th December, 2008 addressed by petitioner's Chartered Accountants to respondent by which petitioner had forwarded details of Secured Loans alongwith utilisation thereof and balance as per books of accounts as on 31st March, 2006 and details of interest paid as shown under the head Financial Expenses.  Of course, with the said letter various other details were also provided. Therefore, there has been query raised and query has been answered.  It is settled law as held in Aroni Commercials Ltd. vs. Deputy Commissioner of Income-tax....