TaxTMI 
TaxTMI 
2022 (6) TMI 905
X X X X Extracts X X X X
X X X X Extracts X X X X
....Act, 1961 ('the Act') and the order dated 20 January 2022 disposing of the objections raised by the Petitioner to the impugned notice. 3. The Petitioner is a Private Limited Company registered under the Companies Act, 1956 and deals in the real estate business. The Petitioner filed its return of income under Section 139(1) of the Act on 21 November 2014, declaring total income at Rs.5003640/-, which was initially processed under Section 143(1) of the Act for the assessment year 2013-14. The Petitioner's return of income was selected for scrutiny assessment, and the Respondent - Revenue issued a statutory notice under Section 143(2) of the Act. During scrutiny assessment, the Petitioner received various notices raising queries and seeki....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the learned Counsel for the Petitioner and Mr. Akhileshwar Sharma, the learned Counsel for the Respondents - Revenue. 6. The reasons supplied to the Petitioner in support of the notice for reopening the assessment stated that the Petitioner had filed the return of income declaring at Rs.5003640/-. The reasons referred to the selection of the case for scrutiny assessment. Then it was stated that on perusal of the assessment record, it was revealed that the Petitioner had debited an amount of Rs.75707707/- on account of Other Expenses in the Profit and Loss account statement; however, the detail of Other Expenses as per Note-15 showed the expenses under various sub-heads totalled only to Rs.1271375/-. It was stated that thus the Petitioner ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssessing Officer looked at all the documents on record and stated so in the assessment order. When the notice under Section 142(1) of the Act was issued to the Petitioner in respect of scrutiny assessment, the Petitioner had submitted details of all expenses, a list of creditors and details of purchasers. The details such as steel purchase, electrical materials, plumbing, labour charges etc., were provided in detail. Even the queries in respect of Other Expenses, unsecured loans were also furnished. In the assessment order also, it is noted that the reply, details, clarifications and explanation filed by the representative of the Petitioner were considered. Therefore, in this backdrop, the Reasons given ought to have specified the failure o....