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TMI Blog2016 (5) TMI 285X X X X Extracts X X X X X X X X Extracts X X X X ..... amount to any failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. It has not been indicated as to what particulars were not disclosed by the assessee. All the relevant accounts and records were available for consideration and the Assessing Officer had considered the entire material and he gave a detailed assessment order running into five pages. It cannot be inferred from these facts that the petitioner had not made a full and true disclosure of the material particulars necessary for assessment. Valuation of the jobs in progress - With regard to the second point raised in the purported reasons, we find that the Assessing Officer has not even indicated the extent of the alleged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id Act ) issued on March 21, 2013, in respect of the assessment year 2007-08. It is also directed against the order dated March 21, 2014, passed by the Assessing Officer disposing the objections raised by the petitioner. 2. The assessment in respect of the petitioner's income was completed under section 143(3) on December 15, 2010. The Assessing Officer had made certain additions on account of section 40(a)(ia) (Rs. 1,55,94,534) under section 14A (Rs. 1,55,603) and on account of extra depreciation claimed on computer peripherals (Rs. 6,87,043). 3. The impugned notice under section 148 was, as mentioned above, issued on March 21, 2013, beyond four years from the end of the relevant assessment year. Consequently, the first proviso t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee-company has claimed interest expenses of ₹ 25,07,124 on term loans in the profit and loss account. Further, the assessee-company has shown capital work-in-progress (CWIP) at ₹ 2,83,56,670 for the period under consideration. However, the interest capitalised against the same has been shown at nil. From the above, it is clear that the asses see should have been capitalised. The assessee, however, claimed the same as revenue expenses instead thereby making a wrong claim. It is pertinent here to mention that similar claim of the assessee regarding the interest expenses has been disallowed by the Assessing Officer amounting to ₹ 24,73,568 for the assessment year 2009-10. Hence, it is clear that the assessee failed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d fee to the extent of value of percentage of completion of each such. 4. Hence, it is clear that the assessee failed to disclose the true particulars of its income on this issue and the same was not dwelt upon by the Assessing Officer during the original assessment proceedings and no findings were given on this issue by the Assessing Officer. In view of the above, I have reasons to believe that taxable income on the above mentioned issues to the tune of ₹ 3,46,28,674 has escaped assessment and I am satisfied that it is a fit case for issue of notice under section 148 of the Income-tax Act. To complete the narration of facts, we may point out that the petitioner had filed objections on August 22, 2013, and they were dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce again stated that on perusal of the notes to the accounts of the assessee and particularly the note at serial number 9 of the auditor's report, it is seen that the assessee has booked the professional fees less than the job in progress brought forward from the last year on the ultimate completion by an amount of ₹ 3,21,21,550. Nothing further has been indicated apart from this fact which was there on record even in the original assessment. Therefore, once again we are of the view that the allegations of the Assessing Officer in the purported reasons that the assessee had failed to disclose full and true particulars of his income, is without any basis. Consequently, in view of the provisions of the first proviso to section 147 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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