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TMI Blog2016 (12) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... e words “failure to disclose fully and truly all material particulars” in to the recording of the reasons, is not fatal to the impugned notice, if on a reading of the reasons as a whole one could conclude that there has been a failure on the part of the Assessee to disclose fully and truly all material particulars during the regular Assessment Proceedings. Therefore, we find no substance in the above submission. The letter dated 28th March, 2016 addressed by the Principal Commissioner of Income Tax (enclosing the communication dated 8th March, 2016 from the Principal Director of Income Tax (Investigation), Ahmedabad), only states “reopening of cases for Financial Year 2008-09 is getting barred by limitation of time on 31st March, 2016 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 148 of Income Tax Act, 1961 (the Act). The impugned notice seeks to reopen the Assessment for the Assessment Year 2009-10. 2 The Petitioner is engaged in dealing in shares and securities. On 31st July, 2009, the Petitioner filed its return of income for Assessment Year 2009-10. The Regular Assessment under Section 143(3) of the Act was completed on 30th November, 2011. Thereafter, on 30th March, 2016, the impugned notice was issued, seeking to reopen the Assessment for Assessment Year 2009-10. 3 The reasons in support of the impugned notice dated 30th March, 2016 as communicated to the Petitioner on 25th April, 2016 reads as under: An information vide letter bearing No.PDIT (Inv.)/AHD/CCM/ Dissemination/201516 dated 08/03/2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the extent of ₹ 23,33,415/during the F. Y. 2008-09 and it has impact on his income to the extent of ₹ 23.33.415/during the FY 2008-09 relevant to A. Y. 2009-10. In view of the above, I have a reason to believe that the income chargeable to tax amounting to ₹ 23,33,415/has escaped assessment in this case for the A. Y. 2009-10 and therefore, in my opinion, this is a fit case for reopening of assessment u/s. 147 of the I. T. Act, 1961. 4 On 12th July, 2016, the Petitioner filed its objections to the reasons recorded in support of the impugned notice. The Petitioner objected to the reasons on the ground that there is no whisper in the reasons recorded of any failure to fully and truly disclose all material fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exed along with a pen drive, inter alia which contains material inter alia, in relating to the Petition. Thus, prima facie, it appears that in this case, the Assessing Officer acted upon the material received from the Principal Director of Income Tax (Investigation) Ahemdabad by analyzing it to form a reasonable relief that income chargeable to tax has escaped assessment. 7 Mr. Tiwari, learned Counsel appearing for the Petitioner submits that the impugned notice is without jurisdiction on account of the following: (a) The reasons do not allege any failure on the part of the Petitioner to truly and fully disclose all material facts. Therefore, as the reopening of assessment is beyond a period of four years from the end of the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roceedings. Therefore, we find no substance in the above submission. 9 So far as submission (b) on the part of the Petitioner is concerned, we note that the letter dated 28th March, 2016 addressed by the Principal Commissioner of Income Tax (enclosing the communication dated 8th March, 2016 from the Principal Director of Income Tax (Investigation), Ahmedabad), only states reopening of cases for Financial Year 2008-09 is getting barred by limitation of time on 31st March, 2016 and therefore to give top priority to these cases for necessary action. This observation cannot lead to the conclusion that the Assessing Officer is acting on directions of his superior. All that the above observation means is that the Assessing Officer should exp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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