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Michelin India Tyres Pvt. Ltd. Versus Deputy Commissioner of Income Tax & Another

Reopening of assessment - set off brought forward losses - eligible reasons to believe - Held that:- In the reasons for reopening of the assessment in the present case, the AO recorded that the Assessee was allowed to set off brought forward losses o .....

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ithout 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 simply reproduced the words to that effect as occurring in the first proviso to S .....

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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 rev .....

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d 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. Karh .....

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DCIT ) (hereafter Assessing Officer- AO) under Section 148 of the Income Tax Act, 1961 ( Act ) seeking to reopen the assessment for the Assessment Year ( AY ) 2008-09. Challenge is also laid to the order dated 8th March 2016 passed by the DCIT dispo .....

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ted that the notices by which assessment is sought to be reopened have been issued more than four years after the AY in question. Consequently, the first proviso of Section 147 of the Act requires to be complied with. In other words the AO was mandat .....

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he assessment in the present case, the AO recorded that the Assessee was allowed to set off brought forward losses of ₹ 5,32,18,761/- whereas, according to the AO, as per the assessment records of the AY 2007-08, no loss was available for set o .....

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y for the assessment, the AO has simply reproduced the words to that effect as occurring in the first proviso to Section 147 (1) of the Act. This, therefore, does not fulfil the mandatory requirement of the law. 4. The fact of the matter is that for .....

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