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2021 (12) TMI 514 - HC - Income TaxReopening of assessment u/s 147 - Notice after expiry of four years - assessee company is showing its income of rent from shops under the head “income from house property” and income from other services mainly common area maintenance income, Electricity Income, Parking income etc. under the head “income from business and profession” - onus to prove that income chargeable to tax has escaped the assessment - HELD THAT:- The figures and details are available not only in the return of income, profit and loss and balance sheet filed by petitioner but all these points have been raised and considered in the original assessment order passed. According to respondent no.1, independent field inquiries were conducted to verify the information as disclosed above. The details above are those details which were available in the profit and loss account and the balance sheet.Specimen agreement annexed to the petition indicate separate arrangement disclosed in the agreement. Agreements have also been provided to the Assessing Officer before the original assessment order was passed giving the break up as well. We are satisfied that petitioner had fully and truly disclosed all material facts necessary for the purpose of assessment which are wrongfully alleged as not disclosed fully and truly. Not only material facts were disclosed by petitioner truly and fully but they were carefully scrutinized and figures of income as well as deduction were reworked carefully by the Assessing Officer. In the reasons for re-opening, the Assessing Officer has in fact relied upon the annual report and audited P & L A/c and balance sheet and he admits “various information/material were disclosed.” But according to the new Assessing Officer, the fact that other service charges were inseparably connected to the letting out of the building of the assessee is not acceptable. When on consideration of material fact one view is exclusively taken by the Assessing Officer it would not be open to re-open the assessment based on the very same material with a view to take another view. - Decided in favour of assessee.
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