2019 (9) TMI 314

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..... s recorded for reopening of an assessment does not mention any failure on the part of the Respondent to disclose fully and truly all material facts necessary for the assessment. As decided in TITANOR COMPONENTS LTD. VERSUS ACIT, CIT AND UOI [ 2011 (6) TMI 138 - BOMBAY HIGH COURT] it is necessary for the AO to first observe that there is a failure to discloser fully and truly all material facts necessary for assessment and having observed that there is such failure to proceed under Section 147 - no substantial question of law - decided against revenue - INCOME TAX APPEAL NO. 803 OF 2017 - - - Dated:- 20-8-2019 - M.S. SANKLECHA AND NITIN JAMDAR, JJ. Mr. Suresh Kumar, for the Appellant. P.C:- .....

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..... riod of four years from the end of the relevant Assessment Year. This in the context of the fact that the regular assessment was completed under Section 143(3) of the Act and the recorded reasons not mentioning any failure on the part of the Respondent to truly and fully disclose all material facts necessary for the Assessment. 4 The reasons recorded in support of the reopening notice dated 27th March, 2012 reads as under:- On perusal of the case record, it is noticed that the assessee company had made a provision for doubtful debts of ₹ 1258.61 lacs in the Balance Sheet as on 31/03/2005 and an amount of ₹ 11,46,19,000/- had been reduced as amount written off in books as bad debts from the incom .....

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..... s and advances which demonstrates opening provision + provision for the current year bad debts written off = closing provision which matches with the signed accounts. (Annexure 1). (d) Also enclosed is the revised computation of total income ascertaining the above mentioned facts as per Annexure 2. Relevant extracts of the signed accounts are enclosed as per Annexure 3. Considering the above facts and explanation given by us, we state that there has no understatement of any income/ underassessment of any income. Consequently, we request you to drop the re-assessment proceedings for the assessment year 200506. 5 It is an undisputed position that for the Assessment Year 2005-06, assessme .....

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