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TMI Blog2021 (12) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of Section 14A and Rule 8D with regard to dividend income was attracted but while completing the scrutiny assessment no mention is made for the same. During the assessment proceedings, after petitioner filed its revised return of income on 29th March 2014, respondent no.1 issued notice under Section 142(1) of the said Act on 17th September 2014. Among other queries, respondent no.1 specifically inquired about the details of dividend income earned and computation of expenses incurred on earning this income as per the provisions of Rule 8D. Petitioner, in its reply dated 24th September 2014 to the notice issued under Section 142(1) of the said Act, has specifically addressed the query with regard to dividend income. Petitioner has state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year and as scrutiny assessment under Section 143(3) of the said Act had been completed, proviso to Section 147 of the said Act applies. Respondents have to show failure on the part of petitioner to truly and fully disclose all material facts. 3. We have considered the reasons and there is no indication that there was any failure on the part of petitioner to truly and fully disclose any material fact. Simply using the words as there is a failure on part of assessee to disclose fully and truly all material facts necessary for its assessment during the year under consideration would not help. These are nothing but bald averments. A failure has to be spelt out in the reasons recorded. Respondents have failed in that. The entire basis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut proper jurisdiction. 5. Mr. Suresh Kumar relied upon a judgment of this Court in Crompton Greaves Ltd. V/s. Assistant Commissioner of Income Tax, Circle 6 (2) (2015) 55 taxmann.com 59 (Bombay) to submit that even if the reason for reopening does not specifically state that there was any failure on the part of petitioner to disclose fully and truly all material facts necessary for its assessment for the relevant assessment year, it will not be fatal to the assumption of jurisdiction under Sections 147 and 148 of the Act. We would certainly agree with Mr. Suresh Kumar 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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