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TMI Blog2017 (7) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... period of four years from the end of relevant assessment year. As perused the reasons recorded by the Assessing Officer for issuing the notice for reopening. We do not find any grounds suggesting that even according to the Assessing Officer the income chargeable to tax has escaped the assessment on account of failure on the part of the assessee to disclose truly and fully all material facts. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depreciation from WDV to SLM method 2 As can be seen, the dispute between the Revenue and the asseessee falls in two parts. First part is with respect to the action of the Assessing Officer in reopening the assessment and the second pertains to the adjustment of ₹ 4.20 crores made by the Assessing Officer in the book profit under Section 115JB of the Income Tax Act, 1961 during the rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akes it clear that there is not even a single word uttered against the assessee quoting its failure in disclosing true and correct particulars as per the first provision of Section 147 of the Act. The factual position is just the opposite. The Assessing Officer rather forms his opinion on the basis of scrutiny of record/records only that is already available in the case file. We notice that the ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s failure in disclosing fully and truly all facts. We reiterate that this is not even the Assessing Officer s case that the assessee has not disclosed fully and truly all the relevant facts since he forms reasons of reopening only on the basis of material already available on record. We accept assessee s legal ground challenging validity of the impugned reopening in these facts and law. His subse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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