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TMI Blog2012 (3) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... also prayed for quashing of notice dated 17th February, 2005, under Section 142(1) of the Act. 2. In the year in question, the petitioner had filed its return of income on 30th November, 2000 along with provisional tax audit report as the audit was not complete. Subsequently, notice under Section 139(9) of the Act was issued by the respondent, Deputy Commissioner of Income Tax/Assessing Officer to remove the deficiency. In compliance thereof, on 27th December, 2001, the petitioner filed audited accounts with the tax audit report. Thereafter the petitioner filed revised return on 22nd December, 2002. 3. The return filed by the assessee was not taken up for scrutiny and no notice under Section 143(2) was issued. 4. Subsequently, the impugn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eable to tax. Appeal to Hon'ble High Court in Assessment year 1996-97 has been filed on 11.10.2001 on the same issue. In this year, Rs.16,76,04,995/- are not included in the total income of the assessee and even the interest of Rs.2,67,65,000/- earned on IUF has not been included in the total income of the assessee. In addition to this issue, the assessee has also claimed long term capital loss of Rs.2.78 crores. Addition to share capital of Rs.40 lakhs, deduction u/s 80G and interest income claimed exempt Rs.49.67 lakhs. Therefore, I have reason to believe that income to the tune of Rs.19,43,69,995/- has escaped assessment. Hence, it is, requested that permission to issue notice u/s 148 may be granted in this case." 7. The contention of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in W.P.(C) No. 13603/2004 filed by the petitioner, reported in (2010) 324 ITR 234 (Del.). The petitioner had preferred writ petition challenging the notice issued under Section 147 and 148 of the Act in respect of assessment years 1997-98, 1998-99 and 1999-2000. In the decision, it has been recorded that for the three years in question, original assessment orders under Section 143(3) of the Act were passed on 28th March, 2000. The Assessing Officer in the course of original proceedings had examined the nature and character of TIUF and had brought interest on the said amount to tax but had not taxed the amount transferred to TIUF. Reopening notice was questioned on the ground that it was case of change of opinion as the said aspect had been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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