9911796707
TMI Blog2018 (7) TMI 464X X X X Extracts X X X X X X X X Extracts X X X X ..... d. While passing the impugned order, the Assistant Commissioner of Income Tax has made some observations for which we have already commented upon the other decisions and copy of the decision is sent to the Principal Chief Commissioner of Income Tax. - Decided in favour of assessee - Writ Petition No. 33 Of 2018 - - - Dated:- 25-6-2018 - N.M. JAMDAR PRITHVIRAJ K. CHAVAN, JJ. Mr. S.R.Rivankar, Advocate for the Petitioner. Ms. Susan Linhares, Standing Counsel for the Respondents. ORAL JUDGMENT (Per N.M.Jamdar, J) : Rule. Rule made returnable forthwith. The Respondents waive service. Taken up for disposal. 2. Heard Mr. S.R.Rivankar, learned counsel for the Petitioner and Ms. Susan Linhares, learned Standing Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istant Commissioner which were supplied by the Assistant Commissioner on 2 November 2017. The Petitioner replied to the reasons by addressing communication on 28 November 2017. The Petitioner pointed out that the reassessment was sought to be done after a period of four years and it can proceed, provided there is a failure on the part of the assessee to disclose fully and truly material facts. The Petitioner pointed out that all facts and records were placed before the Assessing Officer and on mere change of opinion the assessment cannot be reopened. The Assistant Commissioner rejected the objections by order dated 28 November 2017. By order dated 13 December 2017 proceedings were remanded by this Court and thereafter the Assistant Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee has also debited ₹ 2,37,08,430/- on account of depreciation in the P L account. However, this deprecation is as per books of accounts. The allowable depreciation as per the income tax act has not been worked out as recorded in 3CD report. Hence, the absence of any information regarding the written down value of the assets, the allowable deprecation cannot be workout, resulting into excess claim of depreciation made by the assessee, which is to be restricted by the I.T.Act. 4. In view of the above facts, it is clear that there is failure on the part of the assessee to disclose fully and truly all material facts. I have reason to believe that income amounting to ₹ 5,68,96,509/- chargeable to tax has escaped assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
