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TMI Blog2014 (4) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... entioned that the assessee company has debited Rs.34,02,529/- to the profit & loss account as provision for doubtful debts and advances and which was written back in the computation of income under the normal provision - it is evident that the assessee has disclosed all facts relating to the provision for doubtful debts and advances – thus, reopening of the assessment beyond four years wherein the original assessment was completed u/s 143(3) was not permissible – thus, the notice is set aside – Decided in favour of Assessee. - ITA No. 2681/Del/2013 - - - Dated:- 17-4-2014 - Shri G. D. Agrawal And Shri Chandra Mohan Garg,JJ. For the Appellant : Dr. Rakesh Gupta,Shri Ashwani Taneja, Advocates and Shri Somil Agarwal, CA. For t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year: 5. Thus, as per proviso, if the original assessment was completed under Section 143(3), no action can be taken under Section 147 after the expiry of four years from the end of the relevant assessment year unless any income chargeable to tax has escaped assessment by reason of the failure on the part of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee had not disclosed truly and fully all material facts necessary for assessment under the Income tax Act, 1961. Therefore, I have reason to believe that the income of Rs.34,02,529/- has been escaped assessment on account of the assessee not disclosing fully and truly all material facts necessary for the assessment proceedings under section 143(3). Approval of Commissioner of Income Tax, New Delhi is solicited hereby u/s 151(2) of the I.T. Act. 6. From paragraph 2 of the assessment order, it is evident that the fact regarding the provision for doubtful debts and advances amounting to Rs.34,02,529/- was duly disclosed by the assessee in the profit loss account which was filed alongwith the return. The assessee has also added ..... X X X X Extracts X X X X X X X X Extracts X X X X
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