2022 (5) TMI 1575

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..... Chaitanya Sharma i/b. Mr. Rahul Agarwal. For the Respondents : Mr. Suresh Kumar a/w. Ms. Krunali Satra and Ms. Mohinee Choughule. P.C.: 1. Petitioner is impugning a notice dated 30th March 2021 issued under Section 148 of the Income Tax Act, 1961 (the Act) for Assessment Year 2014-2015 and order on objections dated 18th November 2021. 2. We have considered the reasons recorded for re....

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....after the expiry of four years from the end of relevant assessment year. The proviso to Section 147 of the Act will, therefore, apply and it is for respondents to show that there has been escapement of income due to failure on the part of the assessee to truly and fully disclose material fact required for assessment during the assessment year. Though in the reasons recorded, there is a bald allega....

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....also provided copy of ITR, valuation certificate and other details. After considering all these points, an assessment order dated 29th November 2016 came to be passed. 5. Mr. Suresh Kumar submitted that the fact that the share premium issue was discussed during the assessment proceedings is not reflected in the assessment order. Mr. Suresh Kumar also submitted that the share premium calculation....

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.... is not necessary that an assessment order should contain reference and/or discussion to disclose its satisfaction in respect of the query raised [Aroni Commercials Ltd. V/s. Deputy Commissioner of Income Tax 2 (1) (2014) 44 taxmann.com 304 (Bombay)]. 8. Since respondent no. 1 has not crossed the fetter imposed under the proviso to Section 147 of the Act, we do not consider it necessary to see ....