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TMI Blog2025 (3) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... ent. If at all there has been failure, it is on the part of the assessing officer of not disallowing the same. Certainly, for such a failure of the assessing officer, reopening cannot be initiated after expiry of four years from the end of the relevant assessment year. In the order rejecting the objection, the officer has not rebutted the specific plea of the petitioner that there was no failure to disclose fully and truly all material facts necessary for the assessment. The order merely reproduces the reasons as recorded, certain provisions of the reassessment and the decisions. Absence of any rebuttal of the specific objection raised by the petitioner, it shall be deemed that the respondent has accepted that there was no failure to disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding as of today. 6. On 30 March 2021, impugned notice under section 148 of the Act was issued for reopening the case calling upon the Petitioner to file its return of income since the assessing officer had reasons to believe that the income has escaped assessment. The petitioner on 23 April 2021, filed its return of income in response to notice under Section 148 of the Act and on 26 April 2021 requested for reasons for reopening the case. On 29 April 2021, the reasons were furnished to the petitioner. On 13 May 2021, the petitioner objected to the said reasons on various grounds and the said objections were rejected by the assessing officer vide order dated 1 February 2022. 7. It is on the above backdrop that the petitioner is before thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds security deposit against the interest income under the head of other income in the Profit & Loss account. In paragraph (ii) of the reasons recorded, it is stated that the assessee has debited an amount of Rs. 55, 14, 07, 000/- under the head Exceptional items to the Profit & Loss account which included an amount of Rs. 30, 68, 34, 000/- towards expenses on rationalisation of the manufacturing site. In paragraph (iii) of the reasons, again there is a reference to Export Incentive receivable appearing in balance-sheet. In paragraph (iv) of the reasons, it is stated that the assessee had debited an amount of Rs.26, 84, 50, 749/- to the Profit & Loss account. In the said paragraph, it is admitted that certain percentage of this expenditure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessment proceedings and the reason further admits that export incentives, security deposit and expenses of rationalisation initiatives were not disallowed during the course of the assessment proceedings. We fail to understand if these items were not disallowed during the course of the assessment proceedings, how there can be an allegation that the petitioner has failed to disclose full and true all material facts necessary for the assessment. If at all there has been failure, it is on the part of the assessing officer of not disallowing the same. Certainly, for such a failure of the assessing officer, reopening cannot be initiated after expiry of four years from the end of the relevant assessment year. 12. In the order rejecting t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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