TaxTMI 
TaxTMI 
2024 (9) TMI 913
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....Assessing Officer to establish failure on the part of Assessee of disclosing all material facts necessary for assessment. 2. Whether on facts and circumstances of the case, Hon'ble ITAT was right in quashing the order under Section 147 where reassessment was carried out within 4 years and as per explanation 1 & 2 (c)(ii) the case of Assessee were to be deemed where income chargeable to tax has escaped assessment. 3. Whether on facts and circumstances of the case, Hon'ble ITAT was right in quashing order under Section 147 carried within 4 years by incorrectly placing reliance on judgment of Hon'ble Supreme Court in case of CIT Vs. Kelvinator of India Ltd. (2010)320 ITR 561 where in it was only clarification of the law post amendment with....
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..... 3. Assessee challenged the order by filing an appeal before the Commissioner of Income Tax (Appeals) ("CIT(A)"). The appeal was dismissed. Assessee carried the matter further by filing an appeal before the Income Tax Appellant Tribunal ("ITAT"). The ITAT by an order pronounced on 27th April 2016 impugned in this appeal, allowed the appeal filed by Assessee on the ground that there was no new tangible material before the AO at the time of reopening of assessment under Section 147 of the Act and the reopening of assessment was based only on mere change of opinion as all the facts and full disclosure were already made by Assessee before the AO. 4. The fact that the reasons recorded by the AO for reopening the assessment are based entirely ....
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....General Ledger balance of Term Deposits and an amount of Rs. 2.39 crores was a shortfall in the General Ledger balance of Security Deposits. The Profit and Loss Account also provides for write offs and other provisions relating to prior years amounting to Rs. 6783 lakhs and in the schedules forming part of accounts, it is stated as under : "Special provisions for interest expenses include, (a) an amount of Rs. 1701 lakhs, being the shortfall in the General Ledger balance as compared to the aggregate of Live Term Deposits in the books of the Bank. This being provision for under provided liability of prior years, is accounted as part of "Write off & other provisions relating to prior years" in the current year Profit and Loss Account. (....