TMI Blog2017 (8) TMI 325X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, we hold that the statutory protection enjoyed by the assessee under proviso to section 147 of the Act was wrongly violated by Revenue. Therefore, we dismiss all the grounds of appeal in this appeal filed by the Revenue, and hold that the assumption of jurisdiction u/s 147 of the Act and initiation of proceedings u/s 147 r.w.s. 148 of the Act was erroneous in law in the facts and circumstances of this case. In view of this conclusion, there is no need for us to adjudicate whether the initiation of proceedings u/s 147 of the Act and the additions made in order dated 17.12.2009 u/s 143(3)/147 of the Act amounted to “change of opinion” as this issue becomes purely academic. - ITA No.-4090/Del/2014 - - - Dated:- 19-4-2017 - SH. SUDHANSHU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en up together. The original return was filed on 25.10.2002 showing a loss of ₹ 1,53,01,94,382/-. The assessment u/s 143(3) of the I.T.Act, 1961 (in short Act ) was made on 30.03.2005 at income of ₹ 1,47,84,09,712/-. After giving effect to order dated 14.06.2006 of Ld.CIT(A), the assessee s loss was determined at ₹ 1,33,67,78,397/-. Re-assessment proceedings u/s 147 of the Act were initiated by the AO by notice u/s 148 of the I.T.Act issued on 30.03.2009. The following reasons were recorded by the Assessing Officer (in short AO ) on 25.03.2009 for issue of notice u/s 148 of the Act:- In this case, return declaring loss of ₹ 153,01,94,382/- was filed on 25-10-2002 and assessment order u/s 143(3) of the IT Act w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts narrated above, there is failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment and I have reason to believe that the income of the assessee to the extent of ₹ 5,24,02,000/- approx. has escaped assessment for which action u/s 147 of the IT Act is to be initiated in the year under consideration i.e. AY. 2002-03. Since the assessment in this case was completed u/s 143(3) of IT Act, and four years have also been elapsed from the end of the relevant assessment year, therefore, kindly approval of the Commissioner, Delhi-V. New Delhi is solicited as per provisions of Section 151(2) of the IT Act. (B.1). Vide letter dated 21.04.2009, the assessee stated that the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disposing off the appeal of the assessee, Ld.CIT(A) allowed Ground Nos. 1 to 4 of the appeal filed before Ld.CIT(A) holding that the reassessment proceedings initiated by the AO u/s 147 of the Act were based on a mere change of opinion. He also held that there was no failure on the part of the assessee to disclose all the material facts necessary for its assessment fully and truly. He held that the notice issued by the AO u/s 148 in the proceedings initiated u/s 147 of the Act were without the jurisdictional foundation available u/s 147. He quashed the assessment order passed u/s 147/143(3) holding it to be without jurisdiction. Since he allowed assessee s appeal on Grounds 1 to 4 of the appeal, he did not adjudicate on the remaining groun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missioner of Income-tax v. Usha International Ltd. [2012] 348 ITR 485 (Del)(HC)(FB) 4. Commissioner of Income-tax v. Goetze (India) Ltd. [2010] 321 ITR 431 (Del)(HC) 5. D. T. T. D. C. Ltd. v. ACIT [2010] 324 ITR 234 (Del)(HC) 6. Commissioner of Income-tax v. Eicher Limited [2012] 344 ITR 37 (Del)(HC) 7. Rabo India Finance Limited v. Deputy Commissioner of Income-tax [2012] 346 ITR 528 (Bom)(HC) 8. Allied Strips Limited vs. Assistant Commissioner of Income Tax (2016) 384 ITR 0424 (Delhi) 9. Priya Desh Gupta ANR. vs. Deputy Commissioner of Income Tax ANR. 2016) 385 ITR 0452 (Delhi) 10. Aryan Arcade Ltd. v. Deputy Commissioner of Income-Tax [2017] 390 ITR 67 (Guj). (D). We have heard both si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the AO for initiation of proceedings u/s 147 of the Act and for issue of notice u/s 148 of the Act. Moreover, we have perused our records carefully. There is nothing on the basis of which can be said that there was failure on the part of the assessee to disclose all material facts fully and truly. Infact we are unable to even find any allegation by the AO to the effect that there was failure on the part of the assessee to disclose all material facts fully and truly. In these facts and circumstances, we hold that Revenue has failed to show that there was failure on the part of the assessee to disclose all material facts fully and truly. When the assessee has filed a return u/s 139 of the Act or in response to sections 142(1) or 148 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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