TMI Blog2019 (1) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... te on assessee's nature of business one could gather the precise nature of the activities carried on by the company. There was these clear disclosure on the part of the assessee and the reopening of assessment beyond the period of four years from the end of relevant assessment year could not have been done. Also we must strike down the notice of reopening as assessee's claim of benefits under the chapter XIIG of the Act as is clear from the material on record came up for pointed attention of the Assessing Officer during the original assessment proceedings. It was in this context that the Assessing Officer had raised certain queries including asking the assessee to give full details of its business activities. Thus, the question of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the assessee has filed return of income for the A.Y.2011-12 on 29.09.2011 declaring total income of ₹ 8,67,55,710/. The same was processed u/s.143(1) of the Act. Further, assessment u/s 143(3) of the Act was completed on 07.10.2013 assessing total income at ₹ 8,67,55,710/. The assessee company is engaged in the business of shipping operations. 2. Brief details of information collected/received by the AO: This office has received information from the DDIT (Investigation), Unit3( 3), Mumbai vide letter No.DDIT (Inv.)/Unit 3(3)/Information-SML/ 201718 dated 20.03.2017 that the search action was conducted on the assessee on 23.11.2017. It has been informed that the assessee company M/s Samson Maritime Ltd. is claiming be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s sequel to information collected/ received: From perusal of paragraph 2 3 above, the material evidence gathered and discussed gives enough insights that income has escaped assessment. It is only during the course of proceedings u/s. 148 of the Act that the assessee's explanation will be examined visavis the findings enumerated in paragraph 2 3 above. 5. The petitioner raised detailed objection to the notice of reopening under a communication dated 15th October, 2018. Such objections were however, rejected by the Assessing Officer by order dated 31st October, 2018. Hence, this petition. 6. Having heard learned counsel for the parties and having perused the documents on record what emerges is that the impugned notice is iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration. This note read as under: ANNEXURE A :NOTE OF NATURE OF BUSINSESS The company is owning and operating various types of offshore supply vessels, Tugs and Anchor Handling vessels. The vessels owned by the company are given on charter for offshore activities of the clients. The charter period for short duration of 510 days are termed as spot Charter. The vessels are also given on short term charter ranging from 1 month to 3 months and long term charter ranging from 3 months and above. Most of the company's vessels chartered out to clients (Public sector Limited Companies) are of long term in nature. The said vessels are deployed by client for movement of man material from shore to its offshore marine re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's declared income. 10. Two things emerge from the discussion recorded so far. Firstly, that the assessee's nature of activities was fully disclosed during the assessment proceedings. There was no failure on the part of the assessee to disclose any of the material facts. Infact from the note on assessee's nature of business one could gather the precise nature of the activities carried on by the company. There was these clear disclosure on the part of the assessee and the reopening of assessment beyond the period of four years from the end of relevant assessment year could not have been done. 11. There is yet another additional and independent reason why we must strike down the notice of reopening. The assessee' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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