TMI Blog2019 (3) TMI 166X X X X Extracts X X X X X X X X Extracts X X X X ..... e Supreme Court in Calcutta Discount Co.Ltd. vs. ITO, Companies District-I, Calcutta (1960 (11) TMI 8 - SUPREME COURT) is to truly assess the income disclosed by the assessee. The corresponding duty or the responsibility of the assessee is to disclose all material facts. Once that duty is discharged, the inability of the AO to carry out the task assigned to him by the statute properly does not authorize a second opinion, based upon which the AO can issue reassessment notice. In the present case, it is plain that the reassessment notice was based upon a second opinion or revisiting of the same facts by a subsequent Assessing Officer and no more. For these reasons, the reassessment notice has to be quashed. - Decided in favour of assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeds etc. During the course of the proceedings the AO indeed, on 20.01.2014, recorded as follows: Shri Arun Magon, CA attended and discussed the case. He is requested to furnish the following details: (i) Note on nature of fraud (ii) Details of secured loan (iii) Agreement of management fee Tech fee (iv) Clarification on the auditor comments on nonphysical verification of a fixed assets. Adj. to 05.02.2014. Again hearing was conducted on 05.02.2014 and whereby the AO recorded that all necessary details have been furnished. In this background, scrutiny assessment was completed on 17.02.2014. 3. The reasons to believe recorded by the AO in respect of the impugned reassessment notice, in the present c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee has failed to disclose fully and truly all material and facts necessary for the assessment for the AY. 2011-12. Based on the above facts and circumstance of the case, I have reasons to believe that the income of the assessee to the extent of ₹ 37,38,89,000/- (Rs.42,21,29,000-43240000) which was chargeable to tax has escaped assessment for the AY 2011-12 on account of failure on part of assessee to disclose fully and truly all material facts necessary for the assessment. Issue notice u/s 148 of the Income Tax 1961. 4. It is contended that the Revenue could not have validly sought recourse to the power to reassess under Section 147/148. Learned counsel argues that even though notice was issued during four ..... X X X X Extracts X X X X X X X X Extracts X X X X
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