2022 (8) TMI 285

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....) Whether on the facts and in the circumstances of the case, the ld. CIT(A) has erred in nullifying the assessment done u/s 147 of the Income Tax Act,1961. (2) Whether on the facts and in the circumstances of the case, the ld. CIT(A) has erred in deleting the addition made by the AO by disallowing of preliminary expenses of Rs.31,72,758/-". 2. Though the Registry has pointed out that the appeal is time barred, however, in view of the decision of the Hon'ble Supreme Court in the case of Miscellaneous Application No. 665 of 2021 in SMW(C ) No. 3 of 2020, the period of filing appeal during the COVID-19 pandemic is to be excluded for the purpose of counting the limitation period. In view of this, the appeal is treated as filed withi....

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....of the Act dated 18.03.2014 was issued by the ld. Assessing Officer apparently after a period of four years from the end of relevant assessment year in terms of proviso to sect ion 147 of the Act on the ground that income of the assessee has escaped assessment as stated hereinabove. Finally the ld. Assessing Off icer framed the assessment disallowing and adding back of Rs.30,31,447/- being 20% of share issue expenses and Rs.1,41,310/- being 20% of preliminary expenses relating to ROC fee paid for increase in authorised share capital by making an assessment under section 143(3) read with section 147 of the Act. 5. The ld. CIT(Appeals) allowed the appeal of the assessee on technical issue by quashing the assessment order by observing and h....

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.... case of Mercury Travels Ltd. vs. Dy. CIT 258 ITR 533 (Cal.), it was held as follows - "that where the primary facts were before the A.O. when he made assessments under sub-section (3) of section 143 and it was not open to him to invoke the provisions of section 147 of the said Act to reopen the assessments because he might have omitted to notice certain facia by overnight, For change of opinion, the provision of section 147 of the said Act cannot be put to service", In the case of Jindal Photo Films Ltd. vs. Dy. CIT (1998) 234 ITR 170 (Delhl), tho High Court opined as follows - "that whom nothing now has happened and there is no change in law, no new material came on record, no Information has been received, In such circumstances, It can b....

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....nd the assessee has claimed an amount of Rs.31,72,758/- under section 35D on account of preliminary expenses in Schedule 12D. According to the ld. Assessing Officer, the assessee has not disallowed this expenditure in the computation of income and accordingly the income has escaped due to failure on the part of the assessee to disclose truly and fully all material facts. We note from the reasons recorded that all the information were duly disclosed in the books of account, audited financial statement and return of income filed by the assessee and it cannot be construed to mean that it is something in respect of which the assessee has not truly and fully disclosed all the material facts leading to escapement of income. In fact, the assessee ....