2024 (9) TMI 913

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....sessment was carried within 4 years and there was no requirement in law for the 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 ....

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....ead with Section 147 of the Act and thereby computed the total income of Assessee at Rs. 30,14,05,720/-. 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 ....

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....te offs - extra-ordinary items and it is disclosed that an amount of Rs. 17.01 crores was a shortfall in the 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 a....