TMI Blog2016 (4) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... n and that a discount on treasure bills does not stand excluded. The Department perceived that this distinction between a discount on treasure bills and discounting charges was omitted to be brought to the notice of the Assessing Officer, entitling the Assessing Officer to reopen the assessment after four years on the ground of failure to furnish full and true information. Admittedly, the assessee made a disclosure about the amount, in respect of which, they were making a claim under the heading 'bill discounting charges'. Since it is a scrutiny assessment, the Assessing Officer was obliged to consider the accounts, documents and evidence before passing the orders of assessment. Normally, it is presumed that an officer entrusted with a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant/ Revenue and Mr. R. Vijayaraghavan, learned counsel for the respondent/ assessee. 3. The respondent/assessee is engaged in the business of leasing and financing. The Assessing Officer completed the original assessment under Sections 8(2) read with 15 of the Interest Tax Act, 1974 on 7.3.2000, for the assessment years 1996-97 and 1997-98. 4. Subsequently, the Assessing Officer claimed to have noticed that an amount of ₹ 1,56,58,618/- has been claimed as exempt on the ground that the same represented bill discounting charges for the assessment year 1996-97. Similarly, it was also noticed that the assessee had claimed an amount of ₹ 1,05,20,866/- as exempt on the ground that the same represented bill discounting c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be brought to the notice of the Assessing Officer, entitling the Assessing Officer to reopen the assessment after four years on the ground of failure to furnish full and true information. 8. But, as rightly pointed out by the Tribunal, the case on hand was actually a scrutiny assessment. It was done under Section 8 of the Interest Tax Act, 1974. Sub-Sections (1) and (2) of Section 8 of the Interest Tax Act, 1974 read as follows : 8. Assessment - (1) For the purposes of making an assessment under this Act, the Assessing Officer may serve on any person, who has furnished a return under Section 7 or upon whom a notice has been served under Sub-Section (2) of Section 7 (whether a return has been furnished or not) a notice requiring hi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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