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2011 (11) TMI 482 - HC - Income TaxReopening of assessment - dis-allowance of contributions to Provident Fund received from the employees but not paid in time - Held that:- Assessee has already placed entire material in terms of books of accounts, return of the AY 2004-05, notes attached to Form No.3CD and 3CA etc. It had also claimed the expenses worth Rs.1.49 crores in the computation of income while filing the return and P&L Account of petitioners were also certified by the Chartered Accountant for the year ended on 31.3.2004 and thus it is simply not possible to accept contention of Revenue that the petitioner failed to disclose truly and fully the facts leading to escapement of income. AO had in its possession all requisite materials necessary for framing the assessment. Therefore, non-disclosure cannot be attributed to the assessee rendering notice issued u/s 148 liable to be quashed - Decided in favor of assessee. Writing off of advances as bad debt without offering the same in the preceding years and quantum of such a write off exceeding the limits prescribed u/s 36(1)(viia) - Held that:- There is no direct address to the issue of bad debts while disposing of objections to the re-opening. There is a complete absence of material, let alone tangible material to conclude, prima facie even escapement of income on this ground - in favor of assessee. .
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