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TMI Blog2016 (6) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... reopening, it can be seen that it was only upon verification of case records that he noticed certain discrepancies in the tax liability of the assessee. Neither in the reasons recorded there is any reference that income chargeable to tax escaped assessment due to failure on the part of the assessee to disclose truly and fully all material facts, nor such factor can be inferred upon giving all the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. Whether on facts and in the circumstances of the case the Appellate Tribunal is correct in law on quashing the order passed u/s 143(3) r.w.s. 147 of the Act, particularly when the assessee has wrongly claimed exemption u/s 11(1)(a) of the Act on accumulated income and thereby has failed to disclose truly and fully all material facts? 2. As can be seen from the question, the issue p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d u/s. 11(2) of the Act. In the statement of the income for A.Y. 2006-07 the assessee claimed statutory exemption under section 11(l)(a) of the Act amounting to ₹ 1,74,77,343/- (i.e. 15% of ₹ 11,65,16,622/-) and the same was allowed in scrutiny assessment. Thus, the claim of the assessee for set apart/accumulation (15%) of income also included the deemed income in addition to the incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re-opening the assessment within the meaning of Sec. 147 of the Act. 3. The assessee questioned the very validity of the notice for reopening before the Revenue Authorities and lastly before the Tribunal. The Tribunal held that the proceedings of reopening were invalid. Hence, this appeal. 4. From the reasons recorded with the Assessing Officer for issuing notice for reopening, it can be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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