9911796707
TMI Blog2019 (1) TMI 1481X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year 2011-12 the petitioner had filed a return of income on 11th June, 2012 declaring "Nil" income. The return was taken in scrutiny by the Assessing Officer who passed order under Section 143(3) of the Income Tax Act, 1961 ("the Act" for short) on 6th March, 2014 computing petitioner's income at Rs. 99,000/. To reopen such assessment the Assessing Officer issued the impugned notice. In order ta do so he had recorded the following reasons: " 1. In this case, the assessee filed return of income on 11.06.2012 declaring total income at Rs.NIL. Further, assessment u/s 143(3) of the I.T.Act, 1961 was completed vide order dated 06.03.2014 determining total income at Rs. 99,000/. 2. Further on verification it is found that the com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry for its assessment. Accordingly, the assessment is to be reopened u/s 147 of the I.T.Act, 1961 by way of issuance of notice u/s 148. 5. In view of the above, it is requested that approval may be granted to reopen the .............. the authorized capital of the assessee company is Rs. 4,00,00,000/( 40,00,000 shares of Rs. 10 each) . Out of this 39,90,000 shares were issued at a premium of Rs. 145/per share (total share premium 57,85,50,000/). However, no details as to how the share premium was worked out at Rs. 145/per share are on record. The assessee has to explain the claim and source of the credit entry in the books of accounts. It means explaining the source alone is not enough but the nature should also be explained. If the expla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Having heard learned counsel for the parties and having perused the documents on record, we notice that the impugned notice have been issued beyond the period of four years from the end of relevant assessment year. There is neither any allegation, nor any suggestion in the impugned notice that income chargeable to tax has escaped assessment due to the failure of the assessee to disclose truly and fully all material facts. Only on this ground therefore, the impugned notice would be rendered invalid. 6. There is yet another ground why we cannot allow the Assessing Officer to act on such notice. This is so because in the original scrutiny the assessment, the Assessing Officer had examined the issue on which he now wants to reopen the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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