2026 (7) TMI 136

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....writ petition the petitioner has prayed for quashing and setting aside the notice dated 31.3.2019 issued under section 148 of Income Tax Act, 1961 (for short 'the Act') proposing to re-assess the total income of the petitioner, for Assessment Year (for short 'A.Y.) 2012-13. The petitioner is also challenging the order dated 04.11.2019 rejecting the objections for reopening of reassessment for A.Y. 2012-13. 2. Brief facts, the petitioner, which is engaged in a business of manufacturing, trading and export of spices and other products, filed the original return of income for A.Y. 2012-13 on 29.9.2012 declaring total income of Rs. 2,55,56,292/- which included, inter-alia, a claim of exemption under Sections 10A and 10AA of the Act of profit....

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....he assessment if he has a prima facie case on the basis of material that there is an escapement of income. 3.1 It is submitted that first proviso to Section 147 of the Act mandates that there should be a failure or omission on part of the assessee to disclose truly and correct material facts or failure to furnish return of income, which is not satisfied in the present case, and hence, the reopening under the proviso to Section 147 of the Act, after a period of four years, is uncalled for. 3.2 It is thus submitted that after the scrutiny assessment was undertaken under Section 143(3) of the Act, and the assessment order was passed for the very same materials which were scrutinized by the Assessing Officer under the scrutiny assessment,....

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....under Section 143(3) of the Act. Accordingly, the petitioner was called upon to furnish various documents, justifying the claim of exemption under Section 10AA of the Act Rs. 88,52,379/- pursuant to the notices issued under Section 142(1) of the Act dated 13.8.2014, 9-9-2014 and 26.2.2015 the petitioner furnished all the relevant documents and ultimately, after examining such documents including the dis-allowance under Section 10AA of the Act, the Assessing Officer passed an order dated 30.3.2015 under Section 143(3) of the Act for A.Y. 2012-13. Regular assessment order dated 30.3.2015 included the dis-allowance of Rs. 15,62,750 with respect of claim made under Section 10AA of the Act. Ultimately, the deduction under Section 10AA of the Act....