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TMI Blog2023 (7) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... has escaped assessment on account of the failure on the part of the petitioner to disclose truly and fully all material facts necessary for assessment qua the concerned AY, as stipulated in the first proviso appended to Section 147 of the Act. Decided in favour of assessee. - W.P.(C) 13380/2018 - - - Dated:- 17-5-2023 - HON'BLE MR. JUSTICE RAJIV SHAKDHER AND HON'BLE MR. JUSTICE GIRISH KATHPALIA Petitioner Through: Mr Nishant Thakkar, Advocate. Respondents Through: Mr. Abhishek Maratha, Sr. Standing Counsel with Mr. Akshat Singh, Jr. Standing Counsel RAJIV SHAKDHER, J.: (ORAL) Prefatory Facts 1. This writ petition is directed against the notice dated 26.03.2018 issued under Section 148 of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thermore, Mr Thakker submits that this restriction qua the period for which unabsorbed depreciation could be carried forward was removed, pursuant to Finance Act, 2001. 7. In sum, it is Mr Thakkar s submission that in the period in issue, i.e., AY 2011-12, there was no bar on the petitioner setting off unabsorbed depreciation which had accrued over the period spanning AY 1998-99 to AY 2001-02. 8. Besides this, it is Mr Thakkar s contention that a bare perusal of reasons furnished by the AO would show that there is no whisper whatsoever, that the petitioner had failed to disclose, fully and truly, all material facts necessary for the purpose of assessment. 8.1 Mr Thakkar says that since the reassessment has triggered after the expir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the A.Y. 2011-12 on 26.11.2011 declaring its income as Nil after claiming set off of brought forward business losses and unabsorbed depreciation loss. The case was selected for scrutiny and assessment u/s 143(3) of I.T. Act of this assessment for A.Y. 2011-12 was completed in March-2015 determining an income of Rs. 19380/- after setting off brought forwarded loss of Rs. 7,63,79,560/-. During perusal of assessment record of A.Y. 2011-12, it is observed that the income of assessee had been calculated after setting off of the brought forward business loss and unabsorbed depreciation amounting to Rs. 763,79,560/- for the A.Y. 1998-99 to 2001-02 with the income A.Y. 2011-12. As per Sub-section 3 of Section 72 of the Income Tax Act, 1961, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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