9911796707
TMI Blog2004 (1) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeared and filed their counter affidavit and disclosed the reasons recorded by the Assessing Officer for entertaining his belief that the income has escaped assessment for the assessment years in question, i.e., 1982-83 and 1983-84. According to the reasons recorded, prima facie, deductions made on account of refundable and non-refundable deposits from the sugarcane price payable by the assessee to the farmers ought to have been shown as trading receipts being in the course of its trading operations. According to the Assessing Officer full purchase price was debited to the purchases account and as such they were part of the assessee's trading receipts. These receipts, therefore, ought to have been regarded as revenue receipts and were l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel for the petitioner submits that the figures of refundable and non-refundable deposits were very much disclosed in the return. The said figures were also disclosed in the balance-sheet filed along with the return. Apart from the balance-sheet a separate statement showing how the figures were calculated and how the adjustments were made were also disclosed in the return, the extract of which are filed along with the petition as exhibit "J" Mr. Inamdar also submits that having disclosed all the details including the bye-laws which were applicable to the facts of the present case cannot lead to a conclusion that there was any lapse or failure on the part of the petitioners to make a true and full disclosure of the material facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opening the assessments; wherein he has stated that there was omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment as such income chargeable to tax has escaped assessment within the meaning of section 147 of the Income-tax Act, 1961. He reiterates that fully and truly necessary facts leading to utilisation of the said refundable and non-refundable deposits were not disclosed by the assessee and, therefore, notices directing reopening the assessments cannot be said to be beyond the period of limitation. In his submission the second part of the proviso to section 147 of the Income-tax Act, 1961, shall be applicable in the facts and circumstances of the case. He thus prayed ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
