TMI Blog2011 (2) TMI 1505X X X X Extracts X X X X X X X X Extracts X X X X ..... turnable forthwith. 2. Mr. Suresh Kumar waives service for the respondents. By consent, petition is taken up for final hearing. 3. The petitions are challenging the notice dated 24/03/2010 issued under Section 148 of the Income Tax Act, 1961 whereby the assessment for AY 2003-04 is sought to be reopened beyond four years from the end of the relevant assessment. During the pendency of the pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Trust has claimed deficit of ₹ 15,72,000/- and which has been allowed by the Assessing Officer. Needless to say that the deficit arises on account of expenditure and application of funds over the receipts. The source of this expenditure and application of funds over the receipts of the Trust is a corpus fund and accumulation under section 11 of the I.T. Act, which has already been claimed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year. 5. From the aforesaid reasons recorded by the assessing officer, it is evident that the assessment is sought to be reopened on the basis of the material on record and there is no failure on the part of the assessee to disclose fully and truly all the materials facts for the purpose of assessment. As per the proviso Section 147, assessments beyond four years from the end of the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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