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TMI Blog2022 (2) TMI 528X X X X Extracts X X X X X X X X Extracts X X X X ..... y disclose all material facts required for assessment for the relevant assessment year. Now, let us examine whether the reasons recorded for re-opening disclose any such information not disclosed by petitioner. In our view, there is nothing to indicate that there was non disclosure on the part of petitioner. Interest expense cannot be allowed as a deduction to the assessee either under Section 24(b) or under section 57 - Mr.Suresh Kumar submitted that by claiming deduction under Section 57 of the Act and not under Section 24(b) of the Act would also amount to nondisclosure. Mr. Suresh Kumar submitted that disclosure of material facts with respect to the setting off of the interest expenses under Section 57 of the Act might be full b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or Advocate i/b Mr. Sameer G. Dalal for Petitioner. Mr. Suresh Kumar for Respondent. P.C. : 1. Petitioner is impugning a notice dated 8th March, 2013 issued under Section 148 of the Income Tax Act, 1961 (the Act) for A.Y. 2006-07 and the order dated 19th September, 2013 rejecting objections of petitioner. 2. Petitioner, an individual had filed his return of income for A.Y. 2006-07 declaring total income of ₹ 6,32,09,099/-. The return was processed under Section 143(1) of the Act accepting the returned income. The case was selected for scrutiny and assessment under Section 143(3) of the Act was completed on 10th December, 2018 assessing the total income at ₹ 6,32,39,099/-. 3. Subsequently, in March, 2013 pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 57 of the Act and not under Section 24(b) of the Act would also amount to nondisclosure. Mr. Suresh Kumar submitted that disclosure of material facts with respect to the setting off of the interest expenses under Section 57 of the Act might be full but it cannot be considered as true and it is failure on the part of the assessee. Mere production of books of accounts or other documents are not enough in view of explanation 1 to Section 147 of the Act. These submissions of Mr. Suresh Kumar cut no ice with us. 7. The Apex Court in Calcutta Discount Co. Ltd. V/s. Income Tax Officer (1961) 41 ITR 191 (SC), has held that there can be no doubt that the duty of disclosing all the primary facts relevant to the decision of the question be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of enlarging the section, by casting a duty on the assessee to disclose inferences to draw the proper inferences being the duty imposed on the Income Tax Officer. Therefore, it can be concluded that while the duty of the assessee is to disclose fully and truly all primary relevant facts, it does not extend beyond this. 8. All the points raised in the reasons recorded have been considered during the assessment proceeding. In as much as, query was raised regarding the loan taken and utilisation thereof during the assessment proceeding. It is evident from letter dated 5th December, 2008 addressed by petitioner s Chartered Accountants to respondent by which petitioner had forwarded details of Secured Loans alongwith utilisation thereof a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edings for A.Y. 2009-10 in which the entire interest paid to HDFC Ltd., on the housing loan was disallowed and that disallowance of of interest paid on housing loan from HDFC Ltd., has been upheld by the learned CIT (A)-2. Mr.Andhyarujina submitted that petitioner had impugned the order of CIT (A) before the Income Tax Appellate Tribunal (ITAT) and the ITAT, by an order dated 28th April, 2017 held that petitioner was entitled to the deduction on interest paid on housing loan from HDFC Ltd. It is true that respondent has challenged the said order of ITAT by way of Appeal in this court. 11. Therefore, the Assessment Order of ITAT has attained finality for A.Y. 2009-10. If the ITAT has held that petitioner was entitled to the housing loan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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