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2019 (11) TMI 464

..... and the Tribunal have found on facts that during the regular assessment proceedings, the Assessing Officer had occasion to consider the one time settlement by the Petitioner with its bankers. It found that during the scrutiny assessment proceedings, queries were raised and the Petitioner filed a detailed response on 11th November, 2008, giving complete details to Assessing Officer of the one time settlement and manner in which it was treated. This finding of fact is not shown to be perverse in any manner. The re-opening notice is not based on any fresh tangible material but proceeds on the material already on record with the Assessing Officer and also considered before passing the order dated 24th November, 2008 under Section 143(3) of the .....

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..... rised / Twisted Yarn and Management Consultancy. For the subject Assessment Year, the Respondent filed its return of income on 29th November, 2006. The Assessing Officer completed the assessment on 24th November, 2008 under Section 143(3) of the Act, accepting Nil return of income which was filed by the Respondent. 4. Thereafter, on 28th March, 2011, a notice issued under Section 148 of the Act to the Respondent, seeking to re-open the assessment for the Assessment Year 2006-07. The reasons in support of the re-opening notice as communicated to the Petitioner reads as under:- The assessee company during the previous year had received relief amounting to ₹ 3,44,02,155/- on account of over draft and other facilities. Out of this amount, .....

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..... 11th November, 2008 responded with complete details of one time settlement with its bankers, including the details of relief/ waiver obtained. The CIT(A) held the settlements to the extent of ₹ 2.06 Crores as Revenue s receipt, as reflected in Profit & Loss Account and the fact that the amount of ₹ 1.37 Crores was transferred to the capital account was deliberated upon by the Assessing Officer before passing an order dated 24th November, 2008 under Section 143(3) of the Act. Thus, the CIT(A) held that the re-opening notice is without jurisdiction as it was based on a mere change of opinion. 7. Being aggrieved, the Revenue filed an Appeal to the Tribunal. The Tribunal found that the issue of one time settlement with the bank .....

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..... while passing the regular assessment order. Therefore, there was no bar in him in issuing the re-opening notice. It is, thus, submitted that, the issue requires consideration and the Appeal be admitted. 9. We find that both the CIT(A) and the Tribunal have found on facts that during the regular assessment proceedings, the Assessing Officer had occasion to consider the one time settlement by the Petitioner with its bankers. It found that during the scrutiny assessment proceedings, queries were raised and the Petitioner filed a detailed response on 11th November, 2008, giving complete details to Assessing Officer of the one time settlement and manner in which it was treated. This finding of fact is not shown to be perverse in any manner. The .....

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