2016 (10) TMI 170
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.... that proceeding u/s. 148 of the Income Tax Act, 1961 was invalid and thus allowed the appeal of the assessee without appreciating the fact that the explanation 1 to Section 147 clearly stipulates situation where mere production before the Assessing Officer of evidence from which the Assessing Officer could have with due diligence have discovered the under assessment would not amount to disclosure by the assessee? (b) Whether on the facts and in the circumstance of the case, the Tribunal was correct in law, in holding that the assessee was not a company and provisions of section 15JB of the Income Tax Act, 1961 were not applicable to it,whereas as per the provisions of section 2(17) of the Income Tax Act, 1961 the status of the assessee ....
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.... book profit by Rs. 26.45 Crores. 5. The Respondent-Assessee objected to the reopening of the Assessment as being without jurisdiction. This on the ground that the same was beyond a period of four years from the end of the relevant Assessment Year, without any allegation of failure on the part of the Respondent-Assessee to fully and truly disclose all material facts necessary for Assessment. Further, the Respondent-Assessee also contended that Section 115JB of the Act to compute book profits will not arise as it would have no application to Banking Companies. 6 On 10th December, 2010, the Assessing Officer passed an order under Section 143 read with Section 147 of the Act, rejecting the Petitioner's objection to the notice. It further....
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....hat the reopening notice is beyond a period of four years from the end of the relevant Assessment Years. (b) Both the CIT(A) as well as the Tribunal have rendered a finding of fact that there was no failure on the part of the Respondent Assessee to disclose fully and truly all material facts necessary for Assessment. On the basis of the above findings of fact, the reopening proceedings were held to be bad. (c) Therefore, as the orders are rendered on finding of facts, and in the absence of it being shown to be perverse and/or arbitrary, same does not give rise to any substantial question of law. Hence, not entertained. 10 Re Questions (b) & (c): (a) In the present facts, these two questions became academic. This for the reason that the ....