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TMI Blog2006 (8) TMI 512X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) and now, on a mere relook, the officer has come to the conclusion that the income has escaped assessment, thus this is not something which is permissible under the proviso to section 147 which speaks about a failure on the part of the assessee to make a proper return - in favour of assessee. - WRIT PETITION NO. 1919 OF 2006 - - - Dated:- 22-8-2006 - H.L. GOKHALE J.P. DEVADHAR, JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Petitioner as Rs.27.72 crores. Thereafter the 1st Respondent sought to reopen the assessment and the reasons for reopening the assessment recorded vide his letter dated 27th March 2006 disclose that it is essentially after having another look at the annual accounts which had been furnished earlier. The officer records that now it is noticed that during that year the assessee company had incurr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntaining the accounts tendered by the Petitioner. There is nothing new that has come to the notice of the revenue at this point of time. It is only a different analysis which is now being done and the conclusion is being drawn that its income to the extent of Rs.19.86 crores has escaped the assessment. In his submission, this is impermissible under the powers that are available to the revenue unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding that the assessee had created and recorded bogus entries of loan and, therefore, the Court held that the assessee could not say that it had truly and fully disclosed all material facts necessary for the assessment for the concerned year. 6. The second judgment relied upon by Mr.Kotangale is in the case of Phool Chand Bajrang Lal v. Income Tax Officer - 203 I.T.R. 456. In this case, the reo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment and he is of course justified in his analysis. In our view, this is not something which is permissible under the proviso to section 147 of the Income Tax Act which speaks about a failure on the part of the assessee to make a proper return. In the present case, no such case is made out on the record. 8. In the circumstances, we allow this petition in terms of prayer (a) and quash and set ..... X X X X Extracts X X X X X X X X Extracts X X X X
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