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TMI Blog2022 (1) TMI 433X X X X Extracts X X X X X X X X Extracts X X X X ..... has conclusively taken one view and hence based on the same material, it will not be open to reopen the assessment with a view to take another view. Assessing Officer after considering all these points passed the assessment order dated 23rd March, 2016, accepting the fact that transfer has been established and there was proper acquisition of the Brands and Goodwill, as claimed by Petitioner. It is true that there is no detail reference to the query raised by the Assessing Officer during the assessment proceedings and the reply provided by the Assessee alongwith documentary evidence. But, once the query raised was subject to the consideration of the Assessing Officer, while completing the assessment, it is not necessary that the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... processed under section 143 (1) of the Income Tax Act, 1961 [ the said Act ]. The case was selected for scrutiny and assessment proceedings were completed under section 143 (3) read with section 92CA(4) of the said Act. On 23rd March, 2016 assessment order was passed by which income was assessed at a loss of ₹ 1,79,43,98,171/-. Copy of the assessment order dated 23rd March, 2016 is annexed to the Petition. The order of Transfer Pricing Officer (TPO) passed on 25th January, 2016, accepting the suggestions of Petitioner regarding arm s length price of transactions declared has also been accepted and referred to in the assessment order. The order of the TPO is also annexed to the Petition. 2. Petitioner received a notice dated 28th M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We have considered the reasons supplied and we do not agree with Shri Sharma. The factum of failure to disclose cannot be culled from the reasons in support of the notice seeking reopening of the assessment. No case of failure to disclose is made out. In our view, on consideration of material, the Assessing Officer has conclusively taken one view and hence based on the same material, it will not be open to reopen the assessment with a view to take another view. 6. In the reasons for proposed re-opening of assessment it is recorded that after the assessment order was passed on 23rd March, 2016, the Department received certain information from the Directorate of Income Tax, Intelligence Criminal Investigation, Chennai, from where it wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tatement of Petitioner, Petitioner has explained acquisition of the assets and liabilities and also disclosed the value of Brands and Goodwill at ₹ 2,91,30,00,000/- and ₹ 2,85,30,94,220/-, respectively. In response to Respondents notice under section 142 (1), Petitioner, vide its letter dated 20th January, 2015, provided copies of master agreement alongwith the amendment to the agreement; copy of the individual slump sale agreements; copy of deed of trademark assignment and copy of deed of assignment of patents. Petitioner also explained as to how the sale consideration was paid and how it was funded. Thereafter, the Assessing Officer vide letter dated 24th November, 2015, in connection with the on going assessment proceedings, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t dated 5th July, 2011 issued by Deloitte Touche Tohmatsu India Pvt. Ltd.. Thereafter, as noted earlier, the order under section 92CA(3) of the Income Tax Act, 1961 was also passed by the Transfer Pricing Officer on 26th January, 2016. 9. The Assessing Officer after considering all these points passed the assessment order dated 23rd March, 2016, accepting the fact that transfer has been established and there was proper acquisition of the Brands and Goodwill, as claimed by Petitioner. It is true that there is no detail reference to the query raised by the Assessing Officer during the assessment proceedings and the reply provided by the Assessee alongwith documentary evidence. But, once the query raised was subject to the consideration of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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