TMI Blog2017 (9) TMI 671X X X X Extracts X X X X X X X X Extracts X X X X ..... /- whereas, according to the AO, as per the assessment records of the AY 2007-08, “no loss was available for set off in subsequent year” as the Assessee-company was assessed at an income of ₹ 19,73,01,700/- in AY 2007-08. Without indicating the manner in which there was failure on the part of the Assessee to disclose fully and truly, material facts necessary for the assessment, the AO has si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee to make a full and true disclosure of the material facts relevant for the assessment.- Decided in favour of assessee. - W. P. (C) No. 2584/2016 - - - Dated:- 6-9-2017 - S. Muralidhar And Prathiba M. Singh, JJ. For the Petitioner : Mr. Nageswar Rao and Mr. Sandeep S. Karhail, Advocates For the Respondents : Mr. Rahul Chaudhary, Senior Standing Counsel ORDER 1. The ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the first proviso of Section 147 of the Act requires to be complied with. In other words the AO was mandatorily required to record in the reasons for reopening the assessment that there was a failure by the Assessee to make a full and true disclosure of material facts relating to the assessment for the AY in question. 3. In the reasons for reopening of the assessment in the present case, the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 143 (3) of the Act, were completed at a loss, although at a figure lower than that claimed by the Assessee. The assessment for AY 2005-06 was completed only on 25th November, 2008 whereas the Assessee filed its return for the AY in question on 30th September, 2008 and a revised return on 14th October, 2008. Consequently, the Assessee did not have benefit of the assessment order passed for AY 2005 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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