2024 (8) TMI 364

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....on 142(1) of the Act. 2. Admittedly the notice under Section 148 of the Act has been issued more than four years after the expiry of the relevant assessment year and assessment proceedings under Section 143(3) of the Act was completed on 9th December 2017. Therefore, the proviso to Section 147 of the Act shall apply in as much as there is a bar in reopening unless the reasons to believe indicates that there has been failure on the part of the assessee to truly and fully disclose material facts required for assessment. 3. The reasons for reopening of assessment makes it clear that the basis for reasons to believe are the financials of petitioner company. Paragraph 2 of the reasons reads as under : 2. During the year under cons....

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....lakhs and has debited Rs.751. 71 lakhs as interest on borrowings. Considering the RBI's letter dated 22.8.2008 the claim of interest on borrowed funds is not proper and needs disallowance. 1. The assessee company has issued and allotted 23293878 equity shares of the face value of Re.1 at share premium of Rs.18.05 per share. It is also noted that the entire securities premium of Rs. 5312.22 lakhs has been invested in the subsidiaries companies. The securities premium should have not been invested in subsidiaries companies. 1. It is noticed that the assessee had added an amount of Rs.27,37,405/- in respect of section 14A under Rule 8D(2) (i). During the course of assessment proceedings the AO made further addition of Rs.....