2008 (12) TMI 40

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....der Section 143 (1) on 29.09.2000. Subsequently, by a notice dated 01.03.2006 issued under Section 148 of the said Act, the assessment in respect of the assessment year 1999-2000 was proposed to be re-opened. The reasons recorded for the re-opening of the assessment were recorded on 21.02.2006 and were supplied to the petitioner on 08.11.2006. The said reasons are as under:- "M/s Silver Oak Laboratories Ltd. A.Y. 1999-2000 Sub: Proposal for issue of notice u/s 148 of the Income Tax Act M/s Silver Oak Lab. Ltd. for the A.Y. 1999-2000. Return of income in this case was filed on 30.12.1999 declaring total loss of Rs. 5,55,80,254/-. The same was processed U/s 143(1) accepting the returned loss of Rs.5,55,80,254/- on 29.09.2000. While comple....

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....ose years, i.e., assessment years 1998-99 and 2001-02, the sales figures were recomputed by taking net profit of 8% and additions were made on that account at the time of issuance of the notice under Section 148 as well as the recording of the reasons. The additions made by the Assessing Officer had been confirmed by the Commissioner of Income-tax (Appeals) in respect of the said assessment years, i.e., 1998-99 and 2001-02. However, by the time the petitioner filed its objections, the tribunal had deleted the said additions in appeals before it. This fact was brought to the notice of the Assessing Officer by the petitioner in the objections itself. It is also relevant to note that the revenue has not preferred any appeal against the order p....