9911796707
TMI Blog2014 (7) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... he Bombay Public Trusts Act and under Section 12A, has got certain exemption under Section 80G(5) of the said Act. A notice under Section 148 of the Income-tax Act, 1961 ("the Act" for short) is issued by the Assessing Officer on 25th March 2013, which is beyond the period of four years from the end of relevant assessment year. The petitioner has submitted that the original return of its is to be considered as its return in response to the notice under Section 148. The reasons recorded and furnished to the petitioner on its request for reopening the assessment are as follows :- "In this case, it was observed that during the year, the assessee had claimed accumulation of income u/s. 11(1)(a) to the extent of Rs. 1, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot to proceed further in pursuance of Section 148 notice at Exh. E and the order rejecting the objections at Exhibit H. (C) Pending the hearing and final disposal of this application, this Hon'ble Court be pleased to stay further proceedings in pursuance of Section 148 notice at Exhibit E. (D) This Hon'ble Court be pleased to grant any further or other relief, as this Hon'ble Court deems just and proper in the interest of justice, and (E) This Hon'ble Court be pleased to allow this application with costs against the respondent." On issuance of notice, affidavit-in-reply has been filed by the respondent inter alia contending that the assessee had n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 148 of the Act. We have heard learned counsel Shri J.P Shah for the petitioner who has strongly objected to such action of reopening the assessment beyond the period of four years from the end of relevant assessment year. It is urged by learned counsel that there is nothing to indicate that the assessee had not disclosed fully and truly anything which has resulted into income escaping the assessment. The reasons recorded also do not indicate that on account of any non-disclosure on the part of the Trust, the Assessing Officer had formed any belief. It is further submitted that this Court in case of this very assessee in Special Civil Application No. 2985 of 2014, where the notice of reopening was issued for Assessment Year 2008-09, has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee not having disclosed any material fully and truly. The reasons, as reflected hereinabove, even does speak of the Form No. 10 submitted by the assessee not having reflected the setting apart of a sum of Rs. 93.20 lakhs for any specific purpose, and therefore, deduction claimed under Section 11(2) having been claimed on irregular basis. When the reasons themselves do not indicate anywhere that the assessee had not truly and fully disclosed all material facts now has any material brought to reveal such non-disclosure. Such being the case, we also need to be alive to the facts that for the subsequent year also, when the Assessing Officer had issued the notice of reopening for the A.Y 2008-09, on the very ground, this Court, while allowing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... art for utilization in subsequent years. He called upon the petitioner to give details and to produce computation of income and statutory form for accumulation of amount under section 11(2) of the Act. It was in response to such query, the petitioner pointed out that an amount of Rs.93.20 lacs was accumulated or set apart for the assessment year 2007-09 and in the year under consideration, i.e., 2008-09, a further sum of Rs.1.30 crores was set apart under section 11(2) of the Act. In the return filed itself, the petitioner had produced Form 10 as well as the resolution of the Trust setting apart such amount for a period of five years to be utilized for the purpose of the Trust. It was after scrutinizing the claim of deduction under section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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