TMI Blog2013 (6) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... nnot itself be substituted that the opinion of the Assessing Officer, who has passed the order on escapement of income and in the present case, we find the opinion is formed by the Assessing Officer and the reference if at all to the Transfer Pricing Officer is later for confirming, etc. - Decided against the assessee. - - - - - Dated:- 7-1-2013 - SHYLENDRA KUMAR D. V., MANOHAR B. JJ JUDGMENT The judgment of the court was delivered byD. V. Shylendra Kumar J.-This writ appeal by an assessee under the provisions of the Income-tax Act, 1961 (for short, "the Act"), which is a private limited company, is aggrieved by the reopening of the concluded assessment for the assessment year 2006-07 by issue of notice under section 148 of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation for the subsequent year, etc. It is submitted that the Assessing Officer has entered into a roving enquiry for eliciting information by rendering the case for the opinion of the Transfer Pricing Officer in respect of the transaction for the assessment year in question much later to the issue of notice proposing to reopen the concluded assessment. On the other hand, Sri K. V. Aravind, learned standing counsel for the respondents-Revenue, with reference to paragraph 3 of the reasoning, submits that while the information that had been received by the Assessing Officer for the earlier assessment year with regard to the valuation of international transactions was one basis, the Assessing Officer having noticed that the assessee havin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the very assessee even for the year and this forming basis for the opinion for the present year, because of the like manner of transactions by the assessee is the opinion of the Assessing Officer and this exercise had been undertaken before a further report was called for from the Transfer Pricing Officer for the assessment year in question as per the reference made on December 16, 2010, by the Assessing Officer. Notice should have been issued earlier if the Assessing Officer gathers supporting material for the earlier due, that cannot be said to be gathering of information subsequent to the issue of notice. The basis was already known and it is always the duty of the Assessing Officer to procure the relevant material which, if at all, to b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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