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TMI Blog2019 (6) TMI 753X X X X Extracts X X X X X X X X Extracts X X X X ..... "1. Whether the Appellate Tribunal is correct in law in confirming the validity of the re-assessment despite the fact of disclosure of the complete facts relating to the borrowal of funds as well as deployment of such funds within the ambit and scope of its business activities duly authorized in the Memorandum of Association proving the lack of reasons to believe the escapement of income for assessment? 2. Whether on the facts and circumstances of the case, the tribunal was right in holding that unabsorbed depreciation pertaining to assessment year 1999-2000 to 2001-02, could be set off beyond eight assessment years and allow set off against the income of the present assessment year 2010-11?" 2. We have heard Mr.A.S.Sriraman, learned cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee was represented by their Chartered Accountant, who had made detailed submissions. 6. The assessing officer, after considering the factual position, found the stand taken by the assessee is devoid of merits. It was also pointed that the assessee omitted to state that during the year, there is a substantial increase in investments to the tune of Rs. 4,93,03,229 for which there was no other source. Further, as on 31.03.2002, the share application money pending allotment was shown at Rs. 4,60,75,680/- which is exactly shown as investment in the assets side. During the relevant period for assessment year 2003-04., viz, 31.03.2003, the share application money has increased to Rs. 7,60,75,680 and the investment has also increased from Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that there is no original assessment under Section 143(3) of the Act and therefore, the restriction imposed by the proviso to Section 147 will not come to the rescue of the assessee. Further more, in paragraph 4.1.2 of the order dated 07.03.2014, the CIT(A) has discussed about how the assessing officer had reason to believe that there was escapement of income from the assessment. Next the CIT(A) proceeded to consider the correctness of disallowance of the interest. We find from the order passed by the CIT(A), more particularly in Paragraphs 4.2.2 and 4.2.3 that, a thorough factual appraisal has been done by the CIT(A). The CIT(A), on going through the nature of transaction and after giving full details, held that the intention of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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