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2015 (9) TMI 1305 - DELHI HIGH COURT

2015 (9) TMI 1305 - DELHI HIGH COURT - TMI - Reopening of assessment - additions on account of section 40(a)(ia), under section 14A and on account of extra depreciation claimed on computer peripherals - whether the interest payments were to be on the revenue account or the capital account? - Held that:- As can be seen from the reasons, the assessing officer has done nothing but to re-examine the records which were already available and has arrived at a different conclusion in stating that the in .....

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nnot be inferred from these facts that the petitioner had not made a full and true disclosure of the material particulars necessary for assessment.

With regard to the second point we find that the assessing officer has not even indicated the extent of the alleged escapement of income. Furthermore, the assessing officer has once again stated that on “perusal” of the notes to the accounts of the assessee and particularly the note at serial number 9 of the auditor’s report, it is seen th .....

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any basis. Consequently, in view of the provisions of the first proviso of section 147 the revenue cannot be permitted to reopen the assessment as the necessary pre-condition for doing so in a case which is beyond four years from the end of the relevant assessment year has not been fulfilled. - Decided in favour of assessee. - W. P. (C) 2029/2014 & CM 4235/2014 - Dated:- 21-9-2015 - Badar Durrez Ahmed And Sanjeev Sachdeva, JJ. For the Petitioner : Mr Salil Kapoor with Mr Sanat Kapoor, Mr Sumit L .....

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income was completed under section 143(3) on 15.12.2010. The assessing officer had made certain additions on account of section 40(a)(ia) ( ₹ 1,55,94,534/-), under section 14A (Rs.1,55,603/-) and on account of extra depreciation claimed on computer peripherals (Rs. 6,87,043/-). 3. The impugned notice under section 148 was, as mentioned above, issued on 21.03.2013, beyond four years from the end of the relevant Assessment Year. Consequently, the first proviso to section 147 of the said Act .....

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ment have to be seen. 4. The purported reasons were as under: Reasons for reopening the assessment u/s 148 of the I-T Acting the case of M/s Consulting Engineering Services India (P) Ltd PAN AAACC 5110G for the A.Y. 2007-08 Return of income in this case for A.Y. 2007-08 was filed on 17.02.2009 declaring total income at ₹ 12,26,51,602/-. The return was processed u/s 143(1) of the Income-tax Act at the returned income. Subsequently the case was selected for scrutiny and the order u/s 143(3) .....

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s (CWIP) at ₹ 2,83,56,670/- for the period under consideration. However, the interest capitalized against the same has been shown at NIL. From the above, it is clear that the assessee should have been capitalized. The assessee however, claimed the same as revenue expenses instead thereby making a wrong claim. It is pertinent here to mention that similar claim of the assessee regarding the interest expenses has been disallowed by the AO amounting to ₹ 24,73,568/- for AY 2009-10. Hence .....

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of the assessee co., it has been reported by the auditors at sr. No. 9 that the assessee has booked the professional fees less than the Job in progress brought forward from the last year on their ultimate completion by ₹ 3,21,21,550/-. Further it is notice that the assessee follows two methods for revenue recognition for the jobs in progress:- (a) In cases where the agreements were executed before revised AS-7, the revenue is recognized on completed contract method. (b) In cases where the .....

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at the assessee failed to disclose the true particulars of its income on this issue and the same was not dwelled upon by the AO during the original assessment proceedings and no findings were given on this issue by the AO. In view of the above, I have reasons to believe that taxable income on the abovementioned issues to the tune of ₹ 3,46,28,674/- has escaped assessment and I am satisfied that it is a fit case for issue of notice u/s 148 of the Income-tax Act. To complete the narration of .....

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7; 25,07,124/-. As can be seen from paragraph 2 of the reasons, the assessing officer has done nothing but to re-examine the records which were already available and has arrived at a different conclusion in stating that the interest expenses ought to have been capitalised. This, by itself, to our mind does not amount to any failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment. It has not been indicated as to what particulars were not dis .....

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