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2019 (1) TMI 1626 - AT - Income TaxValidity of re-opening of assessment u/s. 147 - assessment for the impugned assessment year has been completed u/s. 143(3) - HELD THAT:- AO has re-opened the assessment without making an allegation on the part of assessee to disclose fully and truly all the material facts necessary for completion of assessment. This legal proposition is supported by the decision of CIT Vs. Kelvinator of India Ltd., [2010 (1) TMI 11 - SUPREME COURT] wherein it was categorically held that AO has power to reopen, provided there is a tangible material to come to a conclusion that there is escapement of income from assessment. This legal proposition further supported in the case of CIT Vs. Usha International Ltd. [2012 (9) TMI 767 - DELHI HIGH COURT] . Therefore no failure on the part of assessee to furnish fully and truly all the material facts necessary for completion of assessment. Since the assessment has been re- opened after a period of four years from the end of relevant assessment year and there is no allegation by the AO on the part of the assessee regarding furnishing of all the material facts necessary for assessment, reopening of assessment u/s. 147 of the Act is bad in law and liable to be quashed. Applicability of provisions of Section 115JB of the Act to the banking companies - HELD THAT:- As relying own case [2018 (11) TMI 1171 - ITAT MUMBAI] Provisions of Section 115JB shall not be applicable to assessee. Adjustment made towards disallowance of Broken Period Interest to book profits computed u/s. 115JB - We are of the considered view that there is no error in the findings recorded by the Ld. CIT(A) in directing the AO to delete the adjustment made towards disallowance of Broken Period Interest to book profits computed u/s. 115JB of the Act. Hence, we are inclined to uphold the findings of Ld. CIT(A) and reject the grounds raised by Revenue. Computation of interest payable u/s. 244A of the Act on refund arising out of the order - HELD THAT:- . We find that this issue is also covered in favour of assessee by the decision of ITAT, Mumbai in assessee’s own case for the AYs. 2007-08 & 2009-10, where the Co-ordinate Bench by following its earlier order for the AY. 2005-06, restored the issue to the file of AO with similar directions as were given for the AY. 2005-06
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