9911796707
TMI Blog2017 (1) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... x Act, 1961 an Assessing Officer seeking to reopen an assessment after four years is required to form an opinion with regard to necessity to reopen such assessment. He submits that, in the present case, there is no material before the Assessing Officer to form such opinion. He submits that, the Assessing Officer did not apply his mind. The Assessing Officer had issued the notice under Section 148 of the Income Tax Act, 1961 routinely, on the basis of a report on which the Assessing Officer did not apply his mind independently or to the return of the assessee so as to arrive at finding that, there was failure on the part of the assessee to disclose fully and truly of material facts necessary for the relevant assessment year and thereby an in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Discount Co. Ltd. (supra) subsequently and relies upon an unreported decision of the Hon'ble Supreme Court rendered in Civil Nos. 11189/2016 (Jeans Knit Private Ltd, Bangalore-Versus-Deputy Commissioner of Income Tax, Bangalore and Ors.) in this regard. Learned Advocate for the petitioner relies upon an unreported decision of the Hon'ble High Court at Bombay rendered in WP No. 2627/2016 [Coronation Agro Industries Ltd.-Versus-Deputy Commissioner of Income Tax, Circle-6(2)(1)] and submits that, similar reasons given by the Assessing Officer in that case was found to be insufficient for the purpose of invocation of Section 148 of the Income Tax Act, 1961. Learned Advocate for the Department submits that, the conduct of the petitioner has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd, the Assessing Officer had invoked the provisions of Sections 147 and 148 of the Income Tax Act, 1961. I have considered the rival contentions of the parties and the materials made available on record. The petitioner was issued a notice dated May 15, 2015 under Section 148 of the Income Tax Act, 1961. The petitioner had requested for the reasons for issuance of such notice by its Chartered Accountant letter dated June 19, 2015. The petitioner had also filed an objection to the invocation of Section 148 by its Chartered Accountant letter dated June 23, 2015. The authorities had provided the petitioner the reasons for the invocation of Section 148 by a writing dated July 3, 2015. The reasons enumerated in writing dated July 3, 2015 show ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f such invocation and, therefore, all steps of the Assessing Officer ought to be set aside, is without any basis, in the facts of the present case. The Assessing Officer had received credible information as to income escaping assessment for the relevant assessment year. He had applied his mind to it and had informed the petitioner of his intention to invoke Section 148. He had given his reasons for doing so. As noted above, the petitioner had objected to the reasons furnished by the Assessing Officer for invoking of Section 148 of the Income Tax Act, 1961. However, the petitioner did not press its objections quite to the contrary the petitioner allowed the Assessing Officer to proceed with the re-assessment without any objection and without ..... X X X X Extracts X X X X X X X X Extracts X X X X
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