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IFS Solutions India Private Limited Versus Assistant Commissioner of Income Tax, Circle 12 (1)

2017 (9) TMI 851 - DELHI HIGH COURT

Reopening of assessment - proof of failure on the part of the Assessee ‘to disclose fully and truly all material facts necessary for the assessment' - Held that:- Nothing prevented the AO from undertaking a detailed inquiry into the list of creditors provided by the Assessee in response to the questionnaire. It is not for the Assessee to suggest to the AO how he should conduct the inquiry. - There was no failure by the Assessee to fully and truly disclose all material facts necessary for the .....

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k, Advocates. Respondent Through: Mr. Asheesh Jain, Senior Standing Counsel for Income Tax Department with Mr. Vikrant A. Maheshwari, Advocate. O R D E R 1. This is a writ petition seeking quashing of the notice dated 30th March 2016 issued to the Petitioner under Section 148 of the Income Tax Act, 1961 ( Act ) by the Deputy Commissioner of Income Tax, Circle 12 (1), New Delhi (hereafter Assessing Officer - AO ) for the Assessment Year ( AY ) 2009-10.

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part of the Assessee to disclose fully and truly all material facts necessary for the assessment, for that assessment year . 3. The reasons recorded by the AO for reopening of the assessment have been perused. The AO has noted therein that on examining the records it was found that the Assessee had debited an amount of ₹ 1,08,67,187/- in its P&L account towards interest as against ₹ 11,582/- claimed in the immediately preceding AY i.e. AY 2008-09. The AO noted that nei .....

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on of the report of the Investigation Wing which doubted the genuineness of the interest payments made by the Assessee. The exact words in the report reads, Hence, the claim of interest expense of ₹ 1,08,67,187/- in the FY 2008-09 appears to be suspicious and correlates with the facts of the complaint. 4. The Court is unable to find any reference in the reasons to any tangible material which, was failed to be disclosed by the Assessee, and which could form the basis of the AO s .....

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