TMI Blog2008 (3) TMI 666X X X X Extracts X X X X X X X X Extracts X X X X ..... al, Delhi Bench D in ITA No. 4671/Delhi/2003 relevant for the assessment year 1997-98. 2. The Tribunal has held that the notice for reassessment issued to the assessee under section 148 of the Income-tax Act, 1961 (for short the Act ) is hit by the proviso to section 147 of the Act inasmuch as the notice was issued beyond the period of limitation. 3. The reasons for issuing the notice hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the profit and loss account for the relevant previous year as prepared in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956, as increased by amounts referred to in clause (a) to (f) of the said Explanation, if any such amount is debited to the profit and loss account. The amount of ₹ 8,63,09,927 relating to lease equalisation charges is the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt while calculating the book profit under section 115JA of the Act. 5. It is now settled law that once the facts have been disclosed by the assessee, what inference is to be drawn from the facts is the duty of the Assessing Officer. 6. There is no doubt from a reading of the reasons recorded, that all the relevant facts were disclosed by the assessee with regard to the Lease Equalization Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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