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TMI Blog2020 (12) TMI 1413X X X X Extracts X X X X X X X X Extracts X X X X ..... jurisdiction under Section 147 of the Act. 2. In regard to Assessment Year (AY) 2012-13, a return of income had been filed on 29.11.2012 along with tax audit report and financials, followed by a revised return. An intimation dated 30.01.2014 in terms of Section 143(1) was issued. Inter alia, the foreign tax credit claimed by the petitioner was denied. Thereafter, notice under Section 143(2) was issued and there was exchange of communications between the petitioner and the department in regard to the issues that arose from the returns of income. Specifically, a hard copy of the return of income, financial statements and tax audit report were sought, that were supplied by the petitioner. The petitioner sought rectification of the intimation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated yet again, about the merger of the erstwhile entity with VTPL and the change of name to ASCPL. 6. Reasons for reopening dated 22.03.2019 were supplied reading as follows: GOVERNMENT OF INDIA INCOME TAX DEPARTMENT Office of the Assistant Commissioner of Income Tax, Non-Corporate Circle-20(1), Room No.311, 3rd Floor, . . . . . . . . . . . . . . . . . . No.21/AAACA2460P/A.Y.2012-13/ACIT-NCC-20(1) Chennai Date: 22/03/2019 M/s.Asianet Star Communications P. Ltd. (Formerly known as M/s.Asianet Communications P. Limited) Kochar Jade, Plot No.22 Thiru.Vi.ka Indl. Estate Guindy, Chennai-600 032. Sirs, Sub: Income Tax Assessment - A.Y. 2012-13 - Your own case - PAN: AAACA2460P - Communication of reasons for Re-opening of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithin the meaning of u/s 147 of the Income-tax Act, 1961, in the instant case for the A.Y.2012-13 due to the failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment. . . . . . . . . Asst. Commissioner of Income-tax Non Corporate Circle-20(1), Chennai. 7. The two issues on which jurisdiction has been assumed are i) claim of depreciation on computers, ii) alleged excess relief of tax credit under Section 90/91 of the Act since the tax credit in the income tax return was less than the tax credit reflected in Form 26AS. The petitioner filed objections dated 06.05.2019 on the assumption of jurisdiction pointing out that there was no new or tangible material on the basis of which the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance, the time available to the department to initiate proceedings for re-assessment would be extended from four to six years, conditional upon the officer establishing that the escapement of income was attributable to the failure of the assessee to have failed to file a return of income or to have made a full and true disclosure of income in the return of income. 10. In the instant case, the proceedings at the first instance have not resulted in an order of assessment under Section 143(3). However, in my view, this would not lead to the assumption that there was no application of mind to the issues arising from the return of income as the Assessing Officer has issued a notice in terms of Section 143(2) on 02.09.2014, called for the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the time of original assessment and the reasons on the basis of which proceedings for re-assessment have been initiated. Moreover, and admittedly, there is no new material, let alone tangible material, that has come to the notice of the authority to justify the impugned proceeding for re-assessment. 12. As far as the claim of depreciation is concerned, the Officer proceeds on the ground that computers constitute plant and machinery, eligible for depreciation at 15% and not 60% as claimed by the petitioner. Learned Senior Standing Counsel would submit that as the petitioner is in the business of media and communication and operates a television channel, computers and all accessories thereof would assume a far more integral role in the bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (198 ITR297). 16. As regards the decisions relied on by the revenue, they turn on the sufficiency of reasons recorded. The Court had rejected the challenge for reassessment on the ground that they will not, under Article 226 of the Constitution of India, test the sufficiency of reasons recorded. These decisions are distinguishable, since I have in the present matter, looked to the reasons only for the limited aspect of comparing the issues raised therein with the issues raised at the time of initial proceedings for assessment and the material on the basis of which the impugned proceedings were initiated. 17. There is yet another point. The petitioner has, on 19.12.2018, brought to the notice of the Assessing Officer the factum of amalgam ..... X X X X Extracts X X X X X X X X Extracts X X X X
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