TaxTMI 
TaxTMI 
2024 (5) TMI 1551
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....oth in the eye of law and on facts. 2. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the action of the AO despite the fact that the reopening by the AO and consequent reassessment without complying with the statutory conditions prescribed under Section 147 read with Section 148 of the Act is bad in law. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the action of the AO ignoring the fact that the AO has erred both on facts and in law in making reassessment under Section 147 of the Act as the reasons recorded for reopening the assessment does not meet the requirements of Section 147 of the Ac....
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....ial facts necessary for the assessment. 8. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in rejecting the contention of the assessee that the reassessment proceedings initiated beyond a period of four years from the end of the relevant assessment year despite the fact that original assessment being framed under section 143(3) is bad in law in view of proviso to section 147 of the Act. 9. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in confirming the action of the learned AO under section 148 of the Income tax Act is illegal, that the same has been passed without assumption of valid jurisdiction. 10. (i) On th....
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.... the only question required to be adjudicated is that, "Whether the notice issued by the revenue authorities after the expiry of four years from the end of the relevant assessment year is valid and was any there escapement of income chargeable to tax by reason of the failure on the part of the assessee or not?" 4. The pertinent facts required for the adjudication of the case are as under: • Assessment Year : 2006-07 • Date of filing of original return : 14.11.2006 • Date of filing of revised return : 20.03.2007 • Date of passing of order u/s 143(3) : 26.11.2007 • Date of intimation of audit objections to the assessee : 08.09.2008 • Date of reply of the....
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....ote that in case of non-furnishing of the above reply, it shall be presumed that the above mentioned discrepancies noticed by the Revenue Audit party are correct and necessary remedial as per the provisions of Income tax Act shall be initiated on the basis of available record." Sd/- (R. K. Sharma) Asstt. Commissioner of Income Tax Circle-13(1), New Delhi 6. Thus, it can be seen that the objections raised by the Revenue Audit of the CAG raised three issues on verification of the assessment records viz. depreciation, stores written off & bond issue expenses which were claimed as revenue in nature. 7. The objections were conveyed to the assessee and the assessee replied vide letter dated 11.09.2008 with regard ....
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....t in r/o of ERV not Backed by the actual remittance, the claim should have been disallowed. Hence, underassessment of income of Rs. 2,34,54,25,754/ -. 2. The assessee had claimed a deduction of Rs. 80,00,000/- on account of stores written off and loss on maturity of current investment. These expenses were capital in nature and required to be disallowed. Hence under assessment of income of Rs. 80,00,000/ -. On the basis of examination of the facts and circumstances for AY 2006- 07, as above, I have reason to believe that the income has escaped assessment on account of failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment within the meaning of provisions of section 147 of....
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....compute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year) : Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 o....