TaxTMI 
TaxTMI 
2024 (9) TMI 911
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....the consent of the learned advocates for the respective parties, the matter is taken-up for hearing. 3. By this petition under Article 226 of the Constitution of India, the petitioner has challenged the notice dated 27th March, 2021 issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act') for the A.Y. 2013-14. 4. The petitioner is engaged in the business of manufacturing ceramic glazed tiles / dealing in ceramic glazed & vitrified tiles. The book profit of the petitioner for the financial year 2012-13 i.e. relevant to A.Y. 2013-14 was Rs.1,39,38,703/-, which was worked out after deducting a sum of Rs.61,92,055/- in view of clause (iii) of Explanation 1 to section 115JB of the Act i.e. amount of loss brought forward o....
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.... the case has been reopened mainly on the count that the petitioner wrongly reduced the amount of Rs.61,92,055/- as reduction under item (iii) of proviso to Section 115JB of the Act, while computing the book-profit. 4.6 The petitioner filed objections after receiving the reasons recorded contending inter alia that the reopening was done after the period of 4 years from the end of assessment year and the petitioner has fully and truly disclosed all material facts during the course of scrutiny assessment. It was also pointed-out by the petitioner that the Form no.29B i.e. the special purpose Audit Report u/s.115JB was already placed before the assessing officer during the regular course of assessment year and after considering the same, th....
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....sessing Officer has recorded the reasons having a change of opinion, therefore the notice is required to be quashed and set aside. 6. On the other hand, Mr. Varun K. Patel, learned Senior Standing Counsel for the respondent submitted that the petitioner can have the alternative efficacious remedy by challenging the order of assessment before the CIT(A) and therefore this petition may not be entertained. It was further submitted that on the basis of the information and the factual aspect was received from the audit wing and accordingly the reasons are recorded after application of mind by the respondent no.1 to have the reason to believe that the income has escaped the assessment as the petitioner assessee has wrongly availed the reductio....
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....g to Rs.61,92,055/- as reduction under item-(iii) of proviso to Section 115JB of the Act. On perusal of the record, the Audit Report in Form no.29B was also submitted along with the letter dated 24th August, 2015 by the petitioner before the Assessing Officer during the regular course of assessment. The Assessing Officer after considering such audit report and framed assessment determining the income u/s.115JB of the Act amounting to Rs.1,39,38,703/- as assessed income and the unabsorbed depreciation loss as per the return of income was allowed to be carried forward as per law. 9. In view of above facts, it is clear that the petitioner has disclosed fully and truly all material facts at the time of regular assessment and therefore, as pe....