2022 (8) TMI 1192

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....er lapse of 4 years but before 6 years from the last date of the relevant assessment years. In this regard, notices under Section 148(1) of the Income Tax Act, 1961 were issued for which the petitioner filed its objections and the orders have been passed rejecting the same. Thereafter, further proceedings have been initiated to re-assess the income that is alleged to have escaped assessment for the assessment years 2011-12 and 2012-13. 2. In writ petition No.54208/2018, the petitioner has sought to challenge the notice issued under Section 148 (1) of the Income Tax Act, 1961 bearing No.ITBA/COM/F/17/2017-18/1009493181(1) dated 28.03.2018 vide Annexure-A to the writ petition, the order rejecting its objections bearing No.ITBA/COM/F/17/201....

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....ent proceedings to reopen the assessment were initiated by the authorities. However, no allegation has been made against the assessee that he has not made true and full disclosure. On the said ground and other grounds contending that the income has not escaped assessment, the instant writ petitions are filed. 4. Admittedly, the proceedings to re-open assessment has been made as per the proviso to Section 147 of the Income Tax Act as it existed then and it has been made after lapse of 4 years but before 6 years from the last date of the relevant assessment year. The said fact is not disputed. The first proviso to Section 147 of the Income Tax Act as it stood then reads as under: "Provided that where an assessment under subsect....

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....l facts necessary for the assessment of that assessment year. It is needless to mention that the reasons are required to be read as they were recorded by the Assessing Officer. No substitution or deletion is permissible. No additions can be made to those reasons. No inference can be allowed to be drawn based on reasons not recorded. It is for the Assessing Officer to disclose and open his mind through reasons recorded by him. He has to speak through his reasons. It is for the Assessing Officer to reach to the conclusion as to whether there was failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for the concerned assessment year. It is for the Assessing Officer to form his opinion. ....

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....ons of Section 143(3) of the Income Tax Act, it has to be for the reason that the assessee has not disclosed fully and truly all the material facts necessary for that assessment year. In the instant case, no such allegation is made. The reason assigned for reopening assessment year 2011-12 is that 'the facts in respect of deduction U/s 35(1)(iv) of IT Act, 1961 by the assessee company in AY 2011-12 are similar to facts in AY 2013- 14 & 2014-15. Thus, the claim of assessee u/s 35(1)(iv) of IT Act, 1961 in AY 2011-12 of Rs.12,98,55,150/- is not allowable to the assessee company' and for the assessment year 2012-13 is 'the facts in respect of claim of deduction u/s 35(1)(iv) of IT Act, 1961 by the assessee company in AY 2011-12 are similar to ....