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TMI Blog2017 (3) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... t on 26.12.2011. The re-assessment notice refers to the proceedings for a subsequent year, i.e., AY 2012-13 as well as a decision of the Karnataka High Court in the case of CIT v. Namdhari Seeds Pvt. Ltd. 16 taxmann.com 83 which states as follows: "M/s Technico Agri Sciences Ltd. is assessed to tax with Circle 25(1), New Delhi. Assessment in this case for AY 2009-10 was completed on 26.12.2011 u/s 143(3) of the Act. While completing the assessment for AY 2012-13 under section 143(3), it has been held that assessee has wrongly claimed income of Rs. 5,33,26,639/- as agricultural income. The similar findings that the assess company had earned business income of Rs. 11,54,94,160/- which it claimed to be agricultural income was arrived at in A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee to disclosure truly and fully all material facts necessary for assessment. 4. In order to verify the said transaction, this office may kindly be granted approval in accordance with the provisions of Section 151(2) of the IT Act, for issue of notice u/s 148 of the Act." 2. It is urged that the re-assessment notice is unsupported in law given the fact that at all relevant times, all materials were in fact furnished and, there was no concealment. Furthermore, on the very same issue, i.e., nature of operation and business carried on and whether they amount to agricultural activities, the scrutiny assessment had carried out a full inquiry. The learned counsel for the assessee relies upon a notice/questionnaire issued on 03. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s claimed. Also justify as to why the same should be accepted by the department." 4. The assessee has placed on record the replies made to the queries on each of the aspects as well as the documentary evidence spanning several Annexures to the letter. It is quite evident that the AOs, upon proper inquiry and investigation into these materials, were satisfied as to the nature of the petitioner‟s activities and it was eligible to claim exemption under Section 10 of the Act. 5. It has been repeatedly held in several decisions, both before and after the ruling of the Supreme Court in Commissioner of Income Tax v. Kelvinator of India Ltd. 320 ITR 561 (SC) that a notice for re-opening the assessment is permissible only when it: (i) does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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