9911796707
TMI Blog2019 (6) TMI 1485X X X X Extracts X X X X X X X X Extracts X X X X ..... has escaped assessment. A perusal of the reasons would reveal that assessing officer has nowhere recorded that on account of failure of the assessee to disclose all material facts fully and truly, income has escaped assessment. Unable to lay his hands on any new information, he has only re-appreciated the information already possessed by him and considered in the scrutiny assessment. There is no allegation against the assessee for withholding of any information. In such situation, the reopening of assessment is not justifiable - Decided in favour of assessee. - ITA No. 2637/Ahd/2014 - - - Dated:- 4-6-2019 - Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member For the Revenue : Shri Anshu Prakash, CIT-D.R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n a case where scrutiny assessment order u/s. 143(3) was passed and four year have expired from the end of the relevant assessment year. In such cases, the assessing officer cannot reopen the assessment unless it is established that taxable income has escaped assessment on account of failure of the assessee to disclose all material facts fully and truly. He pointed out that assessee has disclosed all material facts fully and truly and an inquiry was conducted on the issue for which assessment is being reopened. He drew our attention towards page no. 4 to 6 of paper book where questionnaire issued u/s. 142(1) is placed on record. He drew our attention towards question nos. 4 and 11 raised by the assessing officer in the notice u/s. 142(1). O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount of ₹ 159,46,05,271/- payable by the assessee is ceased to be payable to those, institutions in F.Y.2005-06 relevant to A.Y.2006-07. The amount of ₹ 159,46,05,271/- was credited to capital reserve by the assessee in F.Y. 2005-06 relevant to;A.Y.2006-07. The amount is written off by these institutions in their books of accounts. Therefore, this amount cannot be said as capital receipt of the assessee. The amount is to be taxed u/s 41(1) of the Income Tax Act, 1961. This amount is not offered, to tax nor the same was added to the income of the assessee. Hence income of the assessee was under assessed by amount of ₹ 159,46,05,271/- In view of above facts, I have reason to believe that the income of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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