9911796707
TMI Blog2015 (10) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... 5, assessee had declared its income at Rs. 11,89,42,063/-. The assessment order was passed under Section 143(3) of the Act on 30.11.2006 whereby the total income of the assessee was determined at Rs. 11,90,43,271/-. The assessment order had become final. A survey was conducted in the premises of the assessee company on 5.11.2009 in which certain documents were found, and thus for reopening the assessment of assessment year 2004-05, a notice dated 8.3.2010 was issued under Section 148 of the Act, after recording the following reasons: "The assessee filed return of income for the A.Y.2004-05 on 30.10.2004 declaring an income of Rs. 11,89,42,063/- Assessment in this case was completed u/s 143(3) on 30.11.2006 determining a total income of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in question was on a plain sheet of paper, neither registered nor notarized or either witnessed by any person or even does not have the name of the authorized person as such. Further more the assessee company could not prove beyond doubt the necessity of such expenditure as this kind of expenditure is unknown in this line of trade. Accordingly in the order passed u/s 143(3) for A.Y.2006-07 the expenses debited under this head of Rs. 10,68,71,384/- was disallowed and added to the returned income. Similar nature of expenditure has been debited by the assessee company for the financial year 2003-04, 2004-05 also. On verification of records of the assessee for the A.Y. 2004-05 it was found that similar expenses has been paid by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Revenue has submitted that though the notice for reopening the assessment has been issued beyond the period of four years from the end of the assessment year 2004-2005, as the same was issued on 8.3.2010 whereas the four year period ended on 31.3.2009, but because there was failure on the part of the assessee to disclose fully and truly all material facts for the assessment year 2004-2005, the notice could have been issued beyond the period of four years and within six years. 6. Relying on the judgment of this Court in the case of The Commissioner of Income Tax Vs. Hewelett Packard Digital Global Soft Ltd., dated 19.9.2011, the Tribunal has held that since the Assessing Officer has not recorded the escapement of income is due to f ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
