9911796707
TMI Blog2012 (9) TMI 645X X X X Extracts X X X X X X X X Extracts X X X X ..... ieved the appellant revenue has formulated the following question of law for consideration of this court. Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in holding that the re-assessment notice issued within a period of four years from the date of completion of original assessment by the Assessing officer u/s. 148 of the Income Tax Act was bad in law as the assessee had disclosed all facts truly and fully during the course of the original assessment proceedings? 3) The brief facts leading to the present appeal are as under: a) For the assessment year 2000-01 the respondent assessee declared the total income of Rs.52.45 lacs under normal provisions and Rs.1.01 crores under the provisions of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings, the assessee was asked to explain why the same should not be added for computing the book profit u/s 115JA of the Act. In reply the assessee has submitted the explanation vide letters dated 7/3/2003 and 17/3/2003 giving reference to the decision of the Hon'ble Supreme Court in the case of Apollo Typres Ltd. v. CIT (255 ITR 273) and stated that as per the law laid down by Supreme Court the book profit as arrived at has to be accepted except the adjustment provided under section 115JA itself. The explanation of the assessee is accepted and no addition in book profit is made on this account". c) On 20/12/2004, the Assessing officer issued a notice under Section 148 of the Act seeking to reopen the assessment for the assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts order dated 22/9/2009 dismissed the revenue's appeal by holding that reopening of the assessment by a notice dated 20/12/2004 is bad in law as the same was done merely on account of change in opinion. This was particularly so as during the assessment proceedings the respondent assessee had specifically addressed the Assessing officer with regard to the very query on which the assessment was now sought to be reopened. This response of the respondent-assessee was considered by the Assessing officer before accepting the same, as is evident from Note "not to the assessee" as reproduced above. Consequently, the Tribunal held that there has been no failure to disclose true and full particulars for the purpose of assessment and also further tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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