9911796707
TMI Blog2018 (2) TMI 1712X X X X Extracts X X X X X X X X Extracts X X X X ..... in the circumstance of the case and in law, the Tribunal, Pune were right to hold that the assessee company has made true and full disclosure of material facts necessary for assessment when the business loss of Rs. 2,00,80,465/relating to A. Y. 1998-99, not eligible for carry forward as per section 79 of the Act?" 3. The Respondent-Company was incorporated in 1996 with the Kalyani Group (Indian Partner), holding 75% and Lemmerz Werke GMBH Germany (German Partner) holding remaining 25% share in it. Thereafter, the share holding of the Respondent-company, underwent a change with the German Partners, increasing its share holding to 80% in the Respondent-Company by acquiring shares from M/s. Kalyani Group. The Assessment Order dated 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In view of the provisions of section 79 of I. T. Act, 1961, this is not in order. Therefore, I have reasons to believe that income assessable to tax to the tune of Rs. 7,28,84,073/has escaped assessment & this is a fit case for issue of notice u/s. 148 of I.T. Act, 1961." 5. Thereafter, the Assessing Officer by an order dated 30th December, 2010 passed an order under Section 143 read with 147 of the Act, rejected the Petitioner's objection, and thereafter, inter alia, disallowed the carry forward of business losses under Section 79 of the Act. 6. Being aggrieved, the Respondent carried the issue in Appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. By an order dated 3rd September, 2012, the CIT(A) allowed the Respondent-Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to inform the Assessing Officer of the interference of fact or law to be drawn from the material facts which had been disclosed fully and truly by the Assessee. 8. The grievance of the Revenue is that it was obligatory on the part of the Assesssee to invite the attention of the Assessing Officer to Section 79 of the Act during regular assessment proceedings. Thus, not having done so, it is submitted that the first proviso to Section 147 of the Act, can have no application. 9. We find that it is an undisputed fact that the regular Assessment Order had been passed under Section 143(3) of the Act for Assessment Year 2003-04. The reopening notice has been issued on 29th March, 2010 i.e. undisputedly beyond the period of four years from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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