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2015 (9) TMI 1062 - ALLAHABAD HIGH COURT

2015 (9) TMI 1062 - ALLAHABAD HIGH COURT - TMI - Reopening of assessment - Held that:- The "reasons to believe" as recorded by the Assessing Officer does not aver that the assessee had failed to fully and truly disclose all material facts necessary for the assessment, which is a condition precedent for reopening the assessment after four years. The reason to believe only indicates that the reasons for reopening is based on the assessment records and the balance sheet. In our view, the foundation .....

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resent case. - Decided in favour of assessee. - Income Tax Appeal No. 413 of 2010 - Dated:- 17-9-2015 - Hon'ble Tarun Agarwala And Hon'ble Surya Prakash Keserwani, JJ. ORDER ( Per: Tarun Agarwala, J. ) We have heard Sri Shubham Agrawal, the learned counsel for the appellant and Sri R.S.Agrawal, the learned counsel with Sri Rupesh Jain, the learned counsel for the assessee. The original assessment order was passed under Section 143(3) of the Income Tax Act (hereinafter referred to as the .....

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lfilled and that the assessment could not be reopened merely on change of the opinion without pointing out any failure on the part of the assessee to disclose fully and truly all material facts for the assessment. The revenue, being aggrieved by the order of the Tribunal, has filed the present appeal under Section 260-A of the Act. Sri Shubham Agrawal, the learned counsel for the appellant contended that a question of law arises, namely, that the Tribunal had committed a manifest error in holdin .....

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iven here as under: (a)Non-convertible debentures Rs.2391.64 lakhs (b) Term loan ₹ 988,94 lakhs Total ₹ 3380.58 lakhs The assessee had also invested ₹ 793.11 lakhs in purchase of shares of UTI, Housing Development Finance Corpn. And India Glycols Ltd. as on 31.3.94. From the balance sheet, it is apparent that the assessee had made investments in these shares out of funds available after raising loans on non convertible debenture and term loan only. Investment in shares could no .....

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investment in shares on which the assessee earned dividend income and disclosed in the returned income and assessed. The proportionate amount of interest is deductible while computing the dividend income as laid down u/s 52(i) & (iii) of I.T.Act 1961 as under:- 3.90 x 7.93 Crores = 0.91 crores 33.81 (iii) In view of the above facts, the dividend is assessable at ₹ 64 lakhs (1.55 -0.91 crores) and deduction u/s 80M was allowable at ₹ 63 lakhs (1.54-0.91 crores), which was allowed .....

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5)." The scope and effect of Section 147 of the Act as substituted with effect from 01.04.1989 and also Section 148 of the Act are substantially different from the provisions as they stood prior to such substitution. Clause (a) and (b) of Section 147 of the Act laid down the circumstances under which income escaped assessement could be assessed or reassessed. Section 147 contemplated two conditions which were required to be satisfied, namely, that the Assessing Officer must have reasons to .....

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