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2012 (7) TMI 800 - DELHI HIGH COURTMAT - Book profit u/s 115JB - Reopen the assessment u/s 147 - writ petition under Article 226/ 227 of the Constitution of India to quash the notice - provision for gratuity and the provision for diminution in the value of the investment and claim of settlement amount as capital receipt - Held that:- Petitioner in the present case had placed all the primary and relevant facts before the AO in the original assessment proceedings but has not alleged, in the reasons recorded, what further primary, material or relevant fact was omitted or had not been disclosed by the petitioner - the reasons recorded show that the only thing remained to be disclosed by the petitioner was the inference that the three items in question were to be added back to the book profit, a duty which is not placed on the assessee. The reasons also show that it was from the same facts which were disclosed by the petitioner, the first respondent formed the view or drew the inference that the items were to be added to the book profit. Nothing more was required to be done by AO except to read the audited profit & loss account, balance sheet etc. along with the schedules and notes on accounts in order to draw the inference whether the three items in question were to be added back to the book profit or not. The tax audit report and audit report in Form No.29B along with its annexures including the settlement agreement were also before him - The alleged escapement of income cannot be attributed to any failure on the part of the petitioner to furnish full and true particulars - Writ petition allowed - in favour of assessee.
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