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TMI Blog2024 (9) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... ision of the Assessing Officer for reopening the assessment. No substantial question of law arises for consideration in this appeal. The finding given by the Appellate Tribunal cannot be disturbed in an appeal under Section 260A of the Income Tax Act, 1961 as the scope of Section 260A of the Income Tax Act, 1961 is confined only to substantial questions of law. Further, the Appellate Tribunal is the ultimate fact finding authority. - Honourable Mr. Justice R.Suresh Kumar And Honourable Mr. Justice C. Saravanan For the Appellant : M/s. Vandana Vyas for Mr. R. Sivaraman For the Respondent : Mr. Karthik Ranganathan Senior Standing Counsel JUDGMENT C. SARAVANAN, J. At the admission stage, this appeal was admitted on the following substantial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal is confined only to the appellant/assessee alone. The appellant/assessee has raised the following questions of law as substantial questions of law: i. Whether on the facts and circumstances of the case, the order of the Appellate Tribunal is perverse, inasmuch as the Tribunal has held that the decision of this Court in ACIT Vs. Seshasayee Paper and Board Limited, (2023) 148 taxmann.com 432 (Madras) is not applicable to the facts of the appellant's case especially when neither the notice under Section 148 of the Income Tax Act, 1961, nor the reasons for reopening has a finding that the income escaped assessment by the reason of the failure on the part of the appellant to make true and full disclosure of all material facts necessary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ea was used to arrive at the year-end Forex Loss on Forward Contract? 5. The case of the appellant/assessee is that the order rejecting the appeal of the appellant/assessee against the order of the Commissioner of Income Tax (Appeals)-1, Chennai dated 16.01.2018 affirming the decision of the respondent dated 30.03.2016 under Section 143(3) read with Section 147 of the Income Tax Act, 1961 was liable to the interfered in the light of the decision of the Division Bench of this Court in ACIT Vs. Seshasayee Paper and Board Limited , (2023) 148 Taxmann.com 432 (Madras). 6. The learned counsel for the appellant has relied on the following decisions of this Court and that of the Hon'ble Supreme Court: i. Durr India (P.) Ltd., Vs. Assistant Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has not disclosed fully and truly all the relevant materials and facts to complete the assessment. Particularly, no details are filed in respect of loss on restatement of foreign exchange during the course of 143(3) proceedings. Therefore, the Assessing Officer has rightly invoked the provisions of Section 147 of the Act. 6.2 In so far as disallowance of loss on forward contract, the assessee has not filed any details during the original assessment proceedings under Section 143(3) of the Act. Therefore, the Assessing Officer has rightly issued notice under Section 148 of the Act. 6.3 As per the proviso to Section 147 of the Act, it is the duty of the assessee to disclose all the material facts fully and truly to complete the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ailure on the part of the assessee to file fully and truly all the materials for completing the assessment. Therefore, the arguments of the ld. Counsel are rejected. 6.6 ..... 6.7. In view of the above, we find that the Assessing Officer has rightly reopened the assessment under Section 147 of the Act, which is in accordance with law and the same was upheld by the ld. CIT(A) by passing detailed order on this issue. Thus, we find no reason to interfere with the order passed by the ld. CIT(A). The ground raised by the assessee is dismissed. 7. With regard to the disallowance of provision for foreign exchange losses, the Assessing Officer has observed that during the previous year the assessee has created a total provision of Rs. 40,98,03,268/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on a scientific basis in accordance with the method of accounting disclosed by the assessee. Accordingly, the Assessing Officer disallowed the sum of Rs. 40.98 Crores created as provision and brought to tax. On appeal, after considering the submissions of the assessee, the ld. CIT(A) sustained the addition to the extent of Rs. 31,18,92,950/- and granted relief of Rs. 9,79,10,317/-. 10. The finding given by the Appellate Tribunal cannot be disturbed in an appeal under Section 260A of the Income Tax Act, 1961 as the scope of Section 260A of the Income Tax Act, 1961 is confined only to substantial questions of law. Further, the Appellate Tribunal is the ultimate fact finding authority. 11. As such, no substantial question of law falls for con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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