2023 (2) TMI 745

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....e proceed to dispose of the same by this common order. 3. For the sake of convenience and clarity, the facts relevant to the appeal of the assessee in ITA No.112/PUN/2018 for the assessment year 2007-08 are stated herein. ITA No.112/PUN/2018, A.Y. 2007-08 : 4. Briefly, the facts of the case that the appellant is a public sector bank incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of banking. The Return of Income for the assessment year 2007-08 was filed on 31.10.2007 disclosing total income of Rs.314,62,80,494/-. The same was revised on 30.03.2009 at loss of Rs.187,66,67,189/-. Against the said return of income, the assessment was completed vide order dated 31.12.2008 at total income of Rs.667....

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.... the assessment for the assessment year 2007-08. The information gathered during the course of assessment proceedings for the subsequent assessment years i.e. A.Ys. 2010-11 and 2011-12 constitutes a tangible material enabling the Assessing Officer to form an opinion that the income escaped assessment to tax and, accordingly, issued notice u/s 148 on 29.03.2014. 6. In response to the said notice, the appellant bank filed a detailed submission stating that there was no income escaped assessment to tax. However, the appellant bank also filed return of income in response to the notice issued u/s 148 and the assessment was completed by the by the Dy. Commissioner of Income Tax, Circle-1(1), Pune ('the Assessing Officer') vide order dated 23.03.....

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....-11 and 2011-12 in which the identical addition was made on the same issue, which came to the deleted by this Tribunal and the Department had not preferred any appeal before the Hon'ble High Court. Thus, the issue had attained the finality for the assessment years 2010-11 and 2011-12 in favour of the assessee. Therefore, the basis for reopening the assessment no longer survives. On merits, it is submitted that the issue sought to be reopened the assessment is no longer res integra as it is settled by the Hon'ble Supreme Court in the case of CIT vs. Vasisth Chay Vyapar Ltd., 410 ITR 244 (SC), the Hon'ble Bombay High Court in the case of CIT vs. Deogiri Nagari Sahakari Bank Ltd., 379 ITR 24 (Bombay), and the Co-ordinate Bench of this Tribunal....

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....(3) unless any income chargeable to tax had escaped assessment for such assessment year for the reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for the purpose of making the assessment for that assessment year. From the material on record, it is clearly indicated that the provision of NPA account was made in accordance with the direction of RBI. This claim was held to be tenable in the light of plethora of following judicial precedents :- (i) CIT vs. Vasisth Chay Vyapar Ltd., 410 ITR 244 (SC). (ii) CIT vs. Deogiri Nagari Sahakari Bank Ltd., 379 ITR 24 (Bombay). (iii) DCIT vs. Western Maharashtra Development Corporation Ltd. in ITA No.899/PUN/2018 decided on 26.10.2021 (Pune- Tri....