2020 (2) TMI 1338

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..... relevant assessment year, the AO can proceed to reassess the income only when he records the reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment in that assessment year. In this case, the material on which the Assessing Officer reopened were filed by the assessee was very well considered by the AO. Therefore, the notice issue .....

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..... he assessment year 2009-10 was completed u/s. 143(3) on 29.06.2011. Subsequently, the AO issued a notice u/s. 148 dated 25.01.2016 and made a reassessment u/s. 143(3) r.w. 147 on 30.11.2016 by disallowing ₹ 28,94,385/- u/s. 40(a)(ia). Aggrieved against that order, the assessee filed an appeal before the CIT(A). The Ld. CIT(A) dismissed the appeal. Aggrieved against that order, the assessee f .....

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..... see to disclose fully and truly all material facts necessary for the assessment. Therefore, the reassessment made is not valid and is not in accordance with law. The Ld. CIT(A) erred in upholding the reassessment by simply observing that as per CBDT instruction No. 9/06 dated 07.11.2006, remedial action has to be mandatorily taken where the Revenue Audit party raised an objection, without followin .....

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