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TMI Blog2021 (12) TMI 318X X X X Extracts X X X X X X X X Extracts X X X X ..... has been considered by the AO while passing the original assessment order dated 29th December 2006 under Section 143 (3) of the said Act. Therefore, there can be nothing which has not been truly and fully disclosed and we cannot accept the submissions of Mr. Walve that explanation 1 to Section 147 provides that production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer is no defence. Petitioner has not only filed its account books and other evidence but those have been considered by the Transfer Pricing Officer whose order also has been considered by the Assessing Officer while passing the original assessment order. In our ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayer clause - (d) was granted by this Court with a caution to the parties that the petition may be heard and finally disposed at the admission stage itself. As the order dated 7th March 2013 mentioned that the ad-interim relief shall remain in operation till the next date of hearing and on the next date of hearing, the matter either did not get called out or the stay did not get extended because petitioner failed to request the Court to extend the stay, respondents proceeded to complete the assessment and passed an assessment order dated 28th March 2013. Petitioner has also impugned an order dated 23rd January 2013 passed by the Transfer Pricing Officer to whom a reference was made under Section 92CA (1) of the said Act. Mr. Agrawal states ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said Act, as it was then in force, reads as under : 147. Income escaping assessment - If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year): Provided that where an assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 47 and 148 of the Act. We would certainly agree with Mr. Walve but as held in Crompton Greaves Ltd. (Supra), this is subject to the rider that there must be cogent and clear indication in the reasons supplied, that in fact there was failure on the part of the assessee to disclose fully and truly all the material facts necessary for its assessment. If the factum of failure to disclose can be culled down from the reasons in support of the notice seeking to reopen assessment, that will certainly not be fatal to the assumption of jurisdiction under Sections 147 and 148 of the Act. The Court held However, if from the reasons, no case of failure to disclose is made out, then certainly the assumption of jurisdiction under Sections 147 and 148 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Transfer Pricing Officer has been considered by the Assessing Officer while passing the original assessment order dated 29th December 2006 under Section 143 (3) of the said Act. Therefore, there can be nothing which has not been truly and fully disclosed and we cannot accept the submissions of Mr. Walve that explanation 1 to Section 147 provides that production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer is no defence. Petitioner has not only filed its account books and other evidence but those have been considered by the Transfer Pricing Officer whose order also has been considered by the Assessing Officer while passin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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