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TMI Blog2022 (7) TMI 1546X X X X Extracts X X X X X X X X Extracts X X X X ..... pement of income was due to the assessee not fully and truly disclosing all material facts necessary for completion of the assessment. On perusal of the reasons mentioned by the AO, the tribunal found that there is no specific finding to the effect that there was failure on the part of the assessee to fully and truly disclose all material facts. The tribunal also noted that even during the original proceedings before the assessing officer, at the first instance, increase in freight charges vis- -vis purchases were very much available before the assessing officer. Tribunal took note of the decision in CIT vs. Kelvinator of India Ltd. [ 2010 (1) TMI 11 - SUPREME COURT ] and applied the said decision to the facts of the case and held that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Income Tax Appellate Tribunal, B Bench, Kolkata erred in law in holding that this is a case of change of opinion, whereas it appears from the record that the issue on which initial proceedings under Section 147 of Income Tax Act, 1961 has been initiated has neither been examined by the assessing officer at the time of initial assessment under Section 143(3)/147 of Income Tax Act, 1961 nor the details of such expenses has been filed by the assessee since the reason for issuing initial Notice under Section 148 of the Income Tax Act, 1961 was for no filing of return under Section 139 of Income Tax Act, 1961? We have heard Mr. Om Narayan Rai, learned standing counsel for the appellant/revenue. The short question which falls for considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncrease in freight charges vis- -vis purchases were very much available before the assessing officer. Further, the learned tribunal took note of the decision in CIT vs. Kelvinator of India Ltd. reported in 320 ITR 561 (SC) and applied the said decision to the facts of the case and held that the assessing officer does not refer to any new material that came into his possession based on which he entertained to believe that income of the assessee chargeable to tax has escaped assessment. Further, the nature of activities done by the assessee was taken note of and that it was a Government of West Bengal company. After examining the facts, the tribunal has concluded that the initiation of reassessment proceeding was merely on the basis of change ..... X X X X Extracts X X X X X X X X Extracts X X X X
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