TaxTMI 
TaxTMI 
2025 (2) TMI 582
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....after referred to as 'the Act') issued by the respondent No. 1 for the assessment year 2014-15. 4. The reasons for re-opening were furnished to the petitioner on 25 November 2011 and the same reads as under :- 5. Ms. Vissanji, learned counsel for the petitioner submits that the impugned notice is issued after a period of 4 years from the end of the relevant assessment year and in the absence of any allegation of any failure to disclose fully and truly all material facts necessary for the assessment, impugned notice is barred by the first proviso to Section 147 of the Act. She further submits that the issue for which the re-opening is sought was raised in the course of the assessment proceedings and a reply was filed by the petitioner ....
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....nt assessment year unless there is a failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. The co-ordinate bench of this Court in the case of Hindustan Unilever Limited (Supra) has held that there has to be not only the allegation that there is a failure on the part of the assessee to disclose fully and truly all material facts but the reasons should also state what are the material facts which were not disclosed. On a perusal of the reasons recorded in the present case, we do not find any allegation of any failure to disclosure fully and truly of material facts necessary in the assessment. But on the contrary on a perusal of the reasons recorded, it shows that the information on th....
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....he assessment order, there can be no question of any failure to disclose fully and truly all material facts but on the contrary allowing the respondents to pursue the present proceeding would amount to empowering power of review on respondents which the Act does not provide and which is not permissible under the Act. Therefore, even on this ground, the impugned proceedings are required to be quashed and set aside. 12. In view of the above, the Rule is made absolute in terms of prayer clause (a) which reads as under: "(a) This Hon'ble Court may be pleased to issue under Article 226 of the Constitution of India an appropriate direction, order or writ including a writ in the nature of Certiorari calling for the records of the case ....
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.... off and u/s. 36(1)(viia) of Rs. 1036,71,60,912 i.e. provision for Bad and doubtful debt in computation of income. In the assessment order vide para 20, the bad debt written off of Rs. 626,12,91,775 pertaining to Credit Cards u/s. 36(1)(viia) was rejected and added to the total income. The Profit and Loss A/c of the assessee company shows the following entry: Head Schedule Amount LINCOME INTEREST EARNED 13 441,781,528 OTHER INCOME 14 104,278,721 Note: If digitally signed, the date of digital signature may be taken as date of document. ROOM NO:552,5th Floor, AAVAKAR BHAVAN, MAHARISHI KARVE ROAD, MUMBAI, Maharashtra, 400020 Email: [email protected], Office Phone:022221....
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.... bad debts in its books of accounts and claimed the same from the provisions made of Rs. 2555.28 crore. In view of the above, benefits of brought forward provisions u/s. 36(1)(viia) will not be allowable to the Document 3 AAACH 195H ICICI BANK LIMITED 11BAJAS1/17/2021-22/10372201991) AY 2014-15 assessee and bad debts of Rs. 1675,75,89,597 (Rs. 2301,88,81,372 less Rs. 626,12,91,775) should have been disallowed and added to income. Omission to do so resulted in under assessment of income to the same extent involving short levy of tax of Rs. 569,59,04,704 including SC and EC. Interest leviable u/s . 234B of the Act works out to Rs. 267,70,75,210. Total tax effect involved thus comes to Rs....