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TMI Blog2015 (10) TMI 2112X X X X Extracts X X X X X X X X Extracts X X X X ..... at the said notice is bad in law and deserves to be cancelled. 2.1. The original return of income was filed on 16.11.2006 declaring total income of Rs. 3,26,052/-. The said return was selected for scrutiny assessment and the assessment was made u/s. 143(3) of the Act by order dated 10.12.2008 wherein the total assessed income under normal provisions of the Act was determined at Rs. 3,26,052/- and u/s. 115JB at Rs. 23,62,044/-. Subsequently, the AO found that the brought forward losses pertaining to assessment years 2004-05 and 2005-06 which was set off by the assessee against the income for A.Y. 2006-07. The AO further found that the share capital of the company was increased from Rs. 10 lakhs to Rs. 20 lakhs and there was a change in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3) of the Act. The Ld. Counsel took us to the various exhibits of the Paper book to substantiate his claim that all the facts were available. 5. Per contra, the Ld. Departmental Representative strongly supported the findings of the AO. It is the say of the Ld. DR that relevant details were not considered by the AO at the time of original assessment and therefore the provisions of Sec. 79 were clearly overlooked by the AO, therefore there is no error in the findings of the Ld. CIT(A) 6. We have given a thoughtful consideration to the orders of the authorities below. We have also given a thorough consideration to the documentary evidences brought on record in the form of a paper book. The relevant portion of the reasons recorded for the reo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment for that assessment year. 6.2. A perusal of the aforesaid proviso bring following into consideration: i) There should be a failure on the part of the assessee to make a return u/s. 139 or pursuant to notice u/s. 142(1) or Sec. 148 of the Act. ii) There should be a failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for that assessment year. 6.3. In the light of the aforementioned provisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4000 4,00,000 Mr. Ravi S. Shah AAKPS 3818C 2300 2,30,000 2300 2,30,000 Mr. Sudhir R. Shah HUF 700 70,000 700 70,000 Smt. Kalpana D. Mehta AANPM 5857C 10000 10,00,00 ----- ----- 20000 20,00,000 10000 10,00,000 6.6. A further notice was issued by the AO and once again the details in relation to the shareholders were called for. The said notice at page-69 of the Paper Book which was duly complied by the assessee as per its reply on page-72 of the Paper book. 6.7. As mentioned elsewhere pertaining to details in relation to the change in shareholding pattern was specifically explained as mentioned at para 6.5 of the order. Thus, the very material fact was available at the time of the origin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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