2023 (11) TMI 595

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..... he end of relevant assessment year. The assessment year is A.Y. 2014-15 and the notice is dated 30th March 2021. Hence the proviso will apply. From the reasons as quoted above, it is quite clear that the material on which A.O has relied upon are those available from the documents filed by petitioner. The reasons state As seen from the Profit Loss Account (Notes 26 Movement Employee Benefits Expenses), assessee had debited provision for employee related disputes to the extent of Rs. 3,10,00,000. However, in the statement of computation of income, while arriving at the income as per normal provisions, the remaining provision debited in the Profit Loss Account of Rs. 30,00,000 needs to be brought to tax. In the affidavit in reply .....

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..... December 2021 rejecting petitioner s objections. 4. According to petitioner, the reopening is bad in law in as much as there is nothing in the reasons recorded to believe there is escapement of income that indicates failure to truly and fully disclose material facts by petitioner. 5. This was a case where petitioner had filed its return of income for Assessment Year 2014-15 on 28th November 2014 admitting NIL income. The case was selected for scrutiny under CASS and the assessment was completed under Section 143(3) of the Act on 28th December 2016 after accepting the returned income. Almost six years later the notice under Section 148 of the Act has been issued and the reasons for reopening reads as under : 1. As seen from the Pr .....

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..... reasons state As seen from the Profit Loss Account (Notes 26 Movement Employee Benefits Expenses), assessee had debited provision for employee related disputes to the extent of Rs. 3,10,00,000. However, in the statement of computation of income, while arriving at the income as per normal provisions .. the remaining provision debited in the Profit Loss Account of Rs. 30,00,000 needs to be brought to tax. 8. In the affidavit in reply filed through one Ms. R.P. Anuradha affirmed on 30th October 2023 it is admitted that assessee has furnished complete details, information, documentary evidences and explanation as required by the learned A.O. during the assessment proceedings but strangely it is stated that the requisite materia .....

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