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TMI Blog2015 (3) TMI 1028X X X X Extracts X X X X X X X X Extracts X X X X ..... s and sold to other parties. This was a vital and material fact not disclosed by the assessee in the return of income for the concerned and subject assessment years. That is why the assessment was reopened. The Tribunal has recorded in that these reasons for reopening the assessment are not at all convincing. The Tribunal concluded that in the notice issued under section 148 for reopening the assessment, the Assessing Officer stated that there was omission on the part of the assessee to furnish the true and correct affairs of the company. Apart from the fact that this was not enough for reopening the assessment the Tribunal found that if the Assessing Officer had any reservation about the sale price of the goods sold to the group concerns h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue of reopening of the assessment goes to the root of the case. The facts that are necessary to appreciate the arguments of Mr. Suresh Kumar are that the original returns were filed by the assessees for the relevant assessment years on the dates mentioned in the table in paragraph 2 of the Tribunal's order running page 72. By a letter dated 28th June, 2001, the assessee requested the Assessing Officer to supply a copy of the reasons recorded for reopening the assessments for respective assessment years. However, the reassessments were completed and additions were made as noted by the Tribunal in paragraph 2.1 of its order. The assessee filed appeals before the Commissioner (First Appellate Authority). He partly allowed the appeal of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment. The Tribunal noted that the Assessing Officer held that in the earlier assessment years assessee had sold the goods to its subsidiary concern at lesser price than the cost of producing those goods and sold to other parties. This was a vital and material fact not disclosed by the assessee in the return of income for the concerned and subject assessment years. That is why the assessment was reopened. The Tribunal has recorded in paragraphs 4.1, 4.1.1 and 4.1.2 that these reasons for reopening the assessment are not at all convincing. The Tribunal concluded that in the notice issued under section 148 of the Income Tax Act, for reopening the assessment, the Assessing Officer stated that there was omission on the part of the assessee t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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