2025 (4) TMI 1890

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....t, 1961 (hereinafter referred to as „the Act‟) dated 28.03.2022 by the Assessing Officer, NFAC, Delhi (hereinafter referred to as „ld. AO‟). 2. At the outset, there is a delay in filing of appeal by the assessee before us by 41 days. Considering the reason adduced in the condonation petition, we are inclined to condone the delay in the interest of substantial justice and admit the appeal of the assessee for adjudication. 3. The assessee has raised the following grounds of appeal:- "1. The initiation of re-assessment proceedings is bad in law as well as facts of the case and the re-assessment order passed u/s 147 should be quashed. 2. The Ld. CIT(A) has erred in law as well as facts of the case....

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.... includes sale of scrap and job work done by the assessee company. Books of accounts, bills and vouchers were duly produced before the Learned AO in the course of original scrutiny assessment proceedings completed under section 143(3) of the Act dated 5-2-2016. The assessee had claimed deduction under section 80IC of the Act in respect of profits derived from the manufacturing activity of the eligible undertaking. The Learned AO having satisfied with the entire claim made by the assessee and also being satisfied that the year under consideration is the second year of claim of deduction under section 80IC of the Act, allowed the complete deduction under section 80IC of the Act and determined the total income at Rs. Nil. However, the Learned ....

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....rm a belief that income of the assessee had escaped assessment. The Learned AO had sought to reopen the assessment merely on re-appraisal of the materials already on record in the assessment folder. In any event, the assessment year 2013-14 is sought to be reopened beyond the expiry of 4 years from the end of the relevant assessment year. Hence the first proviso to section 147 of the Act would come into operation, wherein the Learned AO is duty bound to bring out the failure on the part of the assessee to make full and true disclosure of all material facts relevant for the purpose of assessment. In the instant case, as stated supra, the assessee had already given detailed submissions dated 12-12- 2015 in respect of sale of scrap and receipt....