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TMI Blog2018 (11) TMI 1175X X X X Extracts X X X X X X X X Extracts X X X X ..... ANDAKUMAR (SR.) SRI.ANIL D. NAIR AND SRI.P.BENNY THOMAS JUDGMENT Vinod Chandran, J. The appeals are against the common order of the Tribunal for two assessment years, ie., 1997-98 and 1998-99. The assessee was maintaining the accounts as per the mercantile system. The income tax returns were filed based on cash system of accounting as is permissible under Section 145 of the Income Tax Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary for assessment. The Assessing Officer had initially considered the returns filed by the assessee, which specifically indicated that the assessee had been maintaining accounts as per the mercantile system and had computed income tax in accordance with cash system. No accounts were called for and the assessments were completed. It is also submitted by the learned Counsel for the respondent-asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctification proceedings under Section 154, which is handed over across the Bar by the learned Counsel for the respondent. The recitals in the order dated 07.07.1999 is extracted below:- "While processing the return of income, out of the total TDS claims, credit for an amount of Rs. 73,970/- was not allowed because as per the date of payment shown in the certificate, they were not relating to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer, who completed the assessment proceedings. In such circumstances, we are of the opinion that there could be no allegation raised of non-disclosure of full and true material facts. The reassessment proceedings having been attempted after a period of four years as prescribed under Section 147, there should be non-disclosure of full and true material facts. We agree with the Tribunal that ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
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