TMI Blog2019 (10) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... r dated 13 March 2015 pursuant to the production of profit and loss account and other documents referred to these documents. In the assessment order it is stated that the Petitioner produced all the material that was called for and the Petitioner remained present through his Chartered Accountant to submit the documents. The total income of the Petitioner was computed with reference to the profit and loss account. Therefore, the profit and loss account was called for, was submitted by the Petitioner and was scrutinized. Thus, it cannot be said that there was any failure on the part of the Petitioner to produce all the material particulars. After considering the entire material the assessment order was passed. AO is now seeking to proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment. The Petitioner replied to the queries raised by the Assessing Officer. The scrutiny proceedings were concluded and the assessment order was passed on 13 March 2015 and the Assessing Officer accepted the return of income filed by the Petitioner without making any disallowance or additions. 3. After the scrutiny assessment for the assessment year 2012-13 was concluded, the Income Tax Department conducted audit and certain objections were raised regarding purchases. The Petitioner filed reply to the audit objections submitting explanations. 4. On 28 March 2019, the Petitioner received a notice from the Assessing Officer under section 147 of the Act on the ground that there was reason to believe that the income charge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commercials Ltd. v. The Dy. Commissioner of Income Tax WP No.137/2014 decided on 11 February 2014.; Crompton Greaves Ltd. v. Asst. Commissioner of Income Tax WP No.224/2007 decided on 22 December 2014.; Asian Paints Ltd. v. Dy. Commissioner of Income Tax(2008) 296 ITR 90 (Bom.); Grindwell Norton Ltd. v. Jagdish Prasad Jangid, Asst. Commissioner of Income Tax WP No.2259/2003 decided on 10 December 2003; Ajanta Pharma Ltd. v. Assistant Commissioner of Income Tax WP No.1705/2003 decided on 29 November 2003.; Titanor Components Ltd. v. Asst.Commissioner of Income Tax WP No.71/2005 decided on 9 June 2011.; M.J.Pharmaceuticals Ltd. v. Deputy Commissioner of Income Tax WP No.2081/2007 decided on 17 October 2007; Ms.Lalitha Chem Industries v. Depu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e part of the assessee-company to disclose the amount of income in the return for the A.Y. 2012-13. The Assessing Officer, as can be seen from the above reasons, is proceeding on the basis that the Petitioner, in the Profit and Loss Account, has shown sale of services at ₹ 1,87,56,347/- under the head Revenue from operations and the amount of ₹ 20,46,260/- was debited as purchase of traded goods/stock-in-trade. The Assessing Officer has opined that the goods were neither shown as sales nor as closing stock and because of which the income had escaped assessment because of the omission on the part of the Petitioner. 9. We are of the opinion that the assumption of jurisdiction on the basis of the reasons given b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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