9911796707
TMI Blog2016 (6) TMI 337X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 had filed return of income which was taken into scrutiny by the Assessing Officer. He passed an order of assessment on 22.11.2011 under Section 143(3) of the Act. To re-open such scrutiny assessment; the Assessing Officer issued impugned notice which was clearly beyond period of four years from the end of relevant assessment year. 3. At the request of the assessee, the Assessing Officer supplied the reasons recorded by him for issuance of the notice for re-opening of the assessment. The reasons read as under: "2. Subsequently, on verification of case records and material available on records, it is found that as per the contents of partnership deed. (I) Simple interest @ 12% p.a. Shall be payable by the assessee firm to its partner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 75,000/- @ 90% or Rs. 50,000/- whichever is higher Rs. 67,500/- On next Rs. 75,000/- @ 60% Rs. 45,000/- On balance book profit @ 40% Rs. 1,,52,62,772/- Rs. 1,53,75,272/- Failure to do so attracts the provisions of section 80IA(10) r.w.s 10b(7) of the Act. Accordingly, remuneration to three working partners of Rs. 1,53,75,272/- is required to be disallowed from the business income eligible for deduction under section 10B of the Act. 3. Thus, in view of the above facts, I have reasons to believe that the income of more than Rs. 1 lakh chargeable to tax for A.Y. 2009-10 has escaped assessment in view of section 147 of the I.T.Act. Therefore, this is a fit case for issue of notice under section 148 of the I.T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a facie observations, we notice that it is not observed by the Assessing Officer in his reasons recorded for issuance of the notice that there was any failure on the part of the assessee to disclose true and full material facts. In fact, in the reasons recorded itself, he himself has stated "subsequently on verification of the case record and material available on record, it is found that.......". This would clearly demonstrate that all necessary facts were already on record and it was only on the basis of the case record that Assessing Officer formed the reason to believe that income chargeable to tax had escaped assessment. 7. In view of such clear facts, we cannot uphold the notice for re-opening which was issued beyond period of four y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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