TaxTMI 
TaxTMI 
2022 (5) TMI 689
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....herein, the learned Judge has made the following observation, while dismissing the writ petition filed by the appellant: "41.In view of the facts and circumstances, this court could able to arrive a conclusion that the case of the petitioner is falling under Sub-clause (c) to Explanation 2 of Section 147 of the Act as it is a deemed case, where income chargeable to tax has escaped assessment and if such deemed cases are traced out, then necessarily the Assessing authority has to draw an inference on certain factual aspects for forming such an opinion and such 'reason to believe' would be certainly falling under the condition that the assessee has not disclosed fully and truly material facts necessary for assessment. Thus, t....
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....s per the provisions of section 43A of the Act, revaluation of any asset purchased in foreign currency can be revalued on account of fluctuation in the value of money on the date of exchange and only at the time of actual repayment of the loan; it will be clear from the accounts that there has been no actual repayment made by the assessee/ appellant during the current year; and the claim of Rs.390.96 lakhs on account of depreciation in the current year is higher and hence, the same should have been added back to the book profits as per clause (iia) of Explanation (1) of section 115JB. Thus, there was a shortfall in assessment of income under section 115JB, which warrants re-assessment. The learned counsel further submitted that in any event....
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....efore the respondent and disclosed all the material facts necessary for the assessment, besides submitted 12th Annual Report which disclosed the manner in which the Forex Loss was treated. As there are transactions made by the appellant outside India, the case was referred to Transfer Pricing Officer, who on scrutiny of the documents passed an order dated 06.12.2012 vide order No.S-605/TPO-VI/AY2009-2010 clearing the return filed by the appellant and made no adjustments to it. Subsequently, the respondent passed the assessment order on 08.02.2013 accepting the income declared by the appellant. 6.3. Be that as it may, after seven years, the appellant received a notice dated 10.03.2016 under Section 148 of the Act, to which, they filed a d....
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....spondent. According to the learned senior panel counsel, the respondent has reopened the assessment in accordance with the provisions of the Act. However, he has no serious objection for fresh consideration of the matter by the assessing officer. 10.It could be seen from the order impugned herein that the learned Judge after analysing the legal position qua reopening the assessment, has categorically opined that the appellant has produced all the material facts and evidences, however, the assessing officer in the original assessment order dated 08.02.2013, has not considered many details and passed the said order in a cryptic manner. The relevant passage of the same is profitably extracted below: "40. In this context, this Court....
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....dered and such escaped assessment occurred due to any one of the reasons enumerated under Section 147 of the Income Tax Act." Having observed so, the learned Judge ought to have set aside the notice for reopening the assessment and remanded the matter to the assessing officer for fresh consideration. On the other hand, it was erroneously concluded that it is a deemed case where income chargeable to tax has escaped assessment and hence, the reassessment proceedings must go on. 11.In view of the above, this court, without expressing any opinion on the merits of the case, is inclined to set aside the orders impugned herein as well as in the writ petition and are accordingly, set aside. Consequently, the matter is remanded to the assessin....