TaxTMI 
TaxTMI 
TaxTMI 
2023 (6) TMI 443
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....d admittedly filed on 31st August 2012 its return of income for A.Y.-2012-2013. The same was processed under Section 143(1) of the Act and later was scrutinized under Section 143(3) of the Act. On 29th March 2019, the impugned notice under Section 148 of the Act was issued. The reason to believe was provided on 4th April 2019 which reads as under: "In this case assessee M/s Wellgroomed venture having PAN AAAAW2861Q filed return on income on 31/08/2012 of returned income of Rs. Nil. It was processed u/s 143(1). The case was scrutinised u/s 143(3) of I. T. Act. 2. It can be seen that assessee has been developing a prestigious commercial project named "Hubtown Viva" situated at prime location in Jogeshwari at western express highway. From....
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....e to tax has escaped assessment for any Assessment Year he may assess or reassess such income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of proceedings but where an assessment under Sub Section (3) of Section 143 or under Section 147 of the Act has been made for the relevant Assessment Year, no action shall be taken under Section 147 of the Act after expiry of four years from the end of relevant Assessment Year and if it is after expiry of four years unless any income chargeable to tax has escaped assessment for such Assessment Year by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment, for that Assessment ....
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....dings under Section 143(3) and assessee had given explanation, there was no discussion in the assessment order and, therefore, that would not help petitioner's case. 6. In our view the scale should tilt in favour of petitioner. As regards the work in progress issue raised in the reason to believe, it is petitioner's case that petitioner had made an error in feeding the data for A.Y.-2011-12. During A.Y.-2010-11 and 2011-12, petitioner had purchased from a third party additional FSI amounting to total sum of Rs. 2,64,11,90,548/-. The first part of Rs. 99,16,13,778/- was purchased on 31st March 2010 and the second tranch of Rs. 1,64,95,76,770/- was purchased on 31st Mach 2011. A query was raised during the scrutiny for A.Y. 2012-13 and by it....
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.... If an Assessing Officer has to record the consideration bestowed by him on all issues raised by him during the assessment proceeding even where he is satisfied then it would be impossible for the Assessing Officer to complete all the assessments which are required to be scrutinized by him under Section 143(3) of the Act. Paragraph 14 of Aroni Commercials Ltd. (Supra) reads as under: "14) We find that during the assessment proceedings the petitioner had by a letter dated 9 July 2010 pointed out that they were engaged in the business of financing trading and investment in shares and securities. Further, by a letter dated 8 September 2010 during the course of assessment proceedings on a specific query made by the Assessing Officer, the peti....
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....onsideration bestowed by him on all issues raised by him during the assessment proceeding even where he is satisfied then it would be impossible for the Assessing Officer to complete all the assessments which are required to be scrutinized by him under Section 143(3) of the Act. Moreover, one must not forget that the manner in which an assessment order is to be drafted is the sole domain of the Assessing Officer and it is not open to an assessee to insist that the assessment order must raised record all the questions and the satisfaction in respect thereof of the Assessing Officer. The only requirement is that the Assessing Officer ought to have considered the objection now raised in the grounds for issuing notice under Section 148 of the A....