TMI Blog2019 (1) TMI 1538X X X X Extracts X X X X X X X X Extracts X X X X ..... g the course of regular assessment proceedings. Thus, there was complete disclosure of all primary material facts during the regular assessment proceedings, reopening is not justified. It cannot be said that there was any failure on the part of the petitioner to disclose fully and truly all material facts necessary for reassessment. Thus, the impugned notice is hit by first proviso of Section 147 and is without jurisdiction. Accordingly, impugned notice is quashed and set aside. - Decided in favour of assessee. - WRIT PETITION NO. 3580 OF 2018 - - - Dated:- 25-1-2019 - AKIL KURESHI M.S. SANKLECHA, JJ. Mr. Madhur Agrawal i/by Mr. Atul Jasani for the Petitioner Mr. Suresh Kumar for Respondent Nos. 1 and 2 P.C.: 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completed u/S. 143(3) on 21.3.2014 determining total income at Rs. (-) 2,71,86,775/-. Thereafter, the total income was determined at Rs. (-) 10,76,84,249/- vide order dated 8.5.2017 giving effect to CIT(A) order dated 20.3.2017. From the schedule 6 Investments (unquoted) to the balance sheet dated 31.3.2011, it is seen that the assessee surrendered 9615 equity shares of Volkart Fleming Shipping Services Limited for Buy Back and 2,27,000 equity shares of Eureka Forbes Limited for buy back. On surrendering the shares for Buy Back, the assessee earned a profit of ₹ 16,23,84,125/- [Rs. 73,69,573 (VFSSL) + ₹ 15,50,14552 (Eureka Forbes Limited)]. This profit of ₹ 16,23,84,125/- from sale of investment is credited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner objected to the reasons recorded in support of notice for reopening by its letter dated 22.11.2018. The Assessing Officer rejected the objections by order dated 29.11.2018 leading to filing of this petition on the ground that the impugned notice is without jurisdiction. 6. We have heard learned counsel for the parties and on perusal of the reasons recorded in support of impugned notice, the following facts emerge:- i. The notice has been issued beyond the period of four years from the end of relevant assessment year i.e Assessment Year 2011-12 in a case where assessment was completed under Section 143(3) of the Act. ii. The reasons as recorded do not indicate any failure on the part of the petitioner to disclose fully an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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