TMI Blog2018 (1) TMI 1305X X X X Extracts X X X X X X X X Extracts X X X X ..... NO. 3496 OF 2017 - - - Dated:- 18-1-2018 - M. S. Sanklecha And Riyaz I. Chagla, JJ. Mr. Madhur Agarwal a/w Mr. Atul Jasani for the petitioners Mr. Ashok Kotangle i/b Ms. Padma Divakar for the respondents ORDER P. C. 1. At the request of the parties, the petition itself is taken up for final disposal at the stage of admission. 2. This petition under Article 226 of the Constitution of India challenges the Notice dated 23rd March, 2017 issued by the respondent no.1 Deputy Commissioner of Income Tax under Section 148 of the Income Tax Act, 1961 (the Act). The impugned notice dated 23rd March, 2017 seeks to reopen the assessment for A.Y. 2010-11. 3. The reasons in support of the impugned notice as furnished to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in contravention to the extent laws and judicial pronouncements (supra). Thus, the assessee trust has failed to disclose fully and truly all the material facts relevant to the said claim consequent to which income chargeable to tax has escaped assessment. This has led to under assessment of the case of ₹ 2,39,32,793/. In view of the above facts, I have reason to believe that income of ₹ 2,39,32,793/has escaped assessment within the meaning of section 147 of the I.T. Act, 1961. 4. The petitioners objected to the reasons by letter dated 3rd October, 2017 wherein they relied upon the decision of this Court in Commissioner of Income Tax Vs. Institute of Banking Personnel Selection, 264 ITR 110 dealing with an identical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missing the Revenue's appeal in the Director of Income Tax (Exemption) Vs. The Watch Tower Bible Trust Society of India being Income Tax Appeal No.1548 of 2012 rendered on 10th December 2014 which had also considered identical issue including the admission of Revenue's appeal in Sri Shanmukhananda Fine Arts Sangeetha Sabha (supra). Thus, both the aforesaid decisions M/s. Jawaharlal Nehru Port Trust (supra) and The Watch Tower Bible Trust Society of India (supra) had come to the conclusion that there is no question of double deduction in allowing of depreciation in respect of assets acquired and used by the Trust. 5. Inspite of the above, the petitioners' objections were rejected by order dated 2nd November, 2017. It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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