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2013 (12) TMI 303 - AT - Income TaxValidity of re-assessment u/s 147 – The original assessment was completed at a total loss of Rs. 12,55,47,111/- vide order dtd. 28-3-2005 passed u/s 143(3) – Later on the AO issued notice u/s 148 based on the reasons that there was excess allowance of the bad debts deduction to the extent of Rs. 2.3 crores on account of the failure to adjust the credit balance in the account u/s 36(1)(viia)(b) and the book profit u/s 115JB should have been computed at Rs. 12.3 crores - Held that:- The course of original assessment proceeding the assessee has disclosed all the material facts including the amount of bad debts written off in the chart of computation of total income along with note, statement of computation of income u/s 115JB of the Act, audit report u/s 115JB computing the book profit of the company - There is no failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment – In fact the Revenue has failed to prove that the assessee has not disclosed all the relevant material – Following Mrs. Parveen P. Bharucha vs. Dy. CIT [2013 (1) TMI 295 - Bombay High Court] - Fresh application of mind by the Officer on the same set of facts amounts to a change of opinion and does not warrant reopening - Decided against Revenue.
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