TMI Blog2008 (7) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... eopening the assessment. After extracting the relevant provision, viz., s. 147 of the IT Act and the proviso thereto, the Tribunal has recorded a clear finding to the effect that the assessee has truly and fairly disclosed the facts regarding interest vide item No. 3 in the note forming part of the return. Having recorded the above findings, the Tribunal had also referred to the judgment of this Court in the case of Apollo Hospitals Enterprises Ltd. vs. Asstt. CIT [ 2006 (6) TMI 88 - MADRAS HIGH COURT] to sustain their view point. Therefore, it is manifestly clear that particulars about the claim of interest amount are very much available before the AO while he was framing the original assessment, and after taking into consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was completed under s. 143(3) on 27th March, 2000. Subsequently, the case was reopened under s. 147 of the IT Act by issuing notice under s. 148 on 27th Jan., 2003. The AO computed the income of the assessee on various heads and completed the assessment. While doing so, the AO rejected the claim of the assessee for deduction of interest amount in a sum of ₹ 378.06 lakhs on revenue account, which has been originally accepted while framing the original assessment and disallowed the same by considering it as a capital expenditure. The assessee carried the matter on appeal to the CIT(A), inter alia contending that the reopening of the assessment is not in accordance with s. 147 of the IT Act. The CIT(A) rejected the plea of the assessee w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ind fault with the reasoning given by the Tribunal in non-suiting the Revenue for reopening the assessment. After extracting the relevant provision, viz., s. 147 of the IT Act and the proviso thereto, the Tribunal has recorded a clear finding to the effect that the assessee has truly and fairly disclosed the facts regarding interest vide item No. 3 in the note forming part of the return. Further, the Tribunal found that it was clear from the letters of the AO that queries were raised in respect of interest claimed by the assessee amounting to ₹ 378.06 lakhs on capital work-in-progress and capital gains arising from M/s Rolmor Chain Division. The Tribunal has further recorded a factual finding that these facts were very much within the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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