TaxTMI 
TaxTMI 
2022 (2) TMI 1039
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....e Act and "book profits" of Rs. 891,15,21,678 under Section 115JB of the Income Tax Act, 1961 ("the Act"). The return of income was accompanied with a copy of petitioner's audited accounts for the year ended 31st March 2005, the Tax Audit Report dated 20th October 2005 in Form 3CA and 3CD and the report in Form 29B dated 20th October 2005 setting out the computation under Section 115JB of the Act. 2. During the course of assessment of proceedings various queries were raised and in particular relating to a sum of Rs. 105,45,10,183/- debited to the P&L Account towards "provision for customs duty" and why disallowance should not be made under Section 143B of the Act. Petitioner gave explanation vide its letter dated 14th November 2007. An ass....
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....e expiry of four years from the end of the assessment year unless it is shown that the assessee has either failed to furnish the return or has not made a full and true disclosure of all material facts. Respondent no.1 has not alleged in the recorded reasons that there has been any failure on the part of petitioner to make a full and true disclosure of the material facts. On the other hand, the record shows that there has been a full and true disclosure of the material facts and that the impugned reassessment proceedings are based on a reappraisal of the same material. (b) It is well settled by a number of judgments of this Hon'ble Court that an assessment cannot be reopened in the absence of fresh material. (c) The impugned reassessment....
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.... petition and also the affidavit-inreply. 9. The Proviso to Section 147 of the Act provides that where an assessment under Section 143(3) has been made for the relevant assessment year, no action shall be taken under Section 147 after the expiry of four years of the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment for that assessment year. Reason recorded for reopening does not state that there has been failure to disclose truly and fully all material facts. In our view, a full disclosure has been made in the return as under: "(i) Re: Rs. 1....
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....cer has also asked petitioner to specifically explain the facts relating to the sum of Rs. 105,45,10,183/debited to the P&L Account towards provisions for customs duty and why a disallowance should not be made under Section 143(3) of the Act. Petitioner has explained the full facts vide its letter dated 14th November 2007. In fact, the amount of Rs. 105,45,10,183/- has been offered to tax by petitioner in the succeeding Assessment Year 2006 - 2007 and assessed. It is only thereafter the Assessing Officer has passed the assessment order dated 30th November 2007 in which he has thoroughly discussed the explanation of the assessee on the issue of provision for customs duty in para 5 of the assessment order and held that the sum was disallowabl....