TMI Blog2019 (12) TMI 624X X X X Extracts X X X X X X X X Extracts X X X X ..... exceptions provided by proviso to Section 147 of the Act. It is not the case of the Assessing Officer that material facts were either not disclosed or even after the same were sought for, were not furnished, and no new facts have been brought on record by the Assessing Officer. Respondent has disclosed fully and truly all the material facts necessary for the assessment by way of disclosing the hire income for the boiler and turbine and the interest cum income on deposits on share application money as well as claiming depreciation in respect of hired out boiler and turbine and by way of furnishing necessary documents before the Assessing Officer. CIT and the Appellate Tribunal, after considering the material on record have rightly held th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... while computing the income under the head 'other sources' on the ground that there were strong indication that neither the boiler nor the turbine were ready for the use up to 31.03.1992. He also held that agreements entered into between the respondent-company and M/s. Mysore Petrochemicals for hiring out the boiler and turbine and the evidence produced in support of the same, were generated with the sole purpose to prove that boiler and turbine have been hired out. Accordingly, Assessing Officer determined the total income of the assessee at ₹ 1,42,36,688/- under the head 'income from other sources' vide order dated 30.03.2000. The respondent aggrieved by the order dated 30.03.2000, passed by the Joint Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p during the current assessment year and therefore the re-opening was fully justified? 5. The income tax returns for the relevant year was originally filed in time. The assessment was made under Section 143(3) of the Act. The respondent has furnished all the primary material for completion of assessment and the assessment was completed after seeking various clarifications and details by issuing notice under Section 142(1) and 143(2) of the Act. Original assessment was completed and notice under Section 148 of the Act was issued for re-opening of the assessment on 03.04.1997, i.e., after expiry of 4 years from the end of the relevant assessment year. Unless any income chargeable to the tax has escaped assessment, for such assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed or even after the same were sought for, were not furnished, and no new facts have been brought on record by the Assessing Officer. 6. As observed above, the respondent has disclosed fully and truly all the material facts necessary for the assessment by way of disclosing the hire income for the boiler and turbine and the interest cum income on deposits on share application money as well as claiming depreciation in respect of hired out boiler and turbine and by way of furnishing necessary documents before the Assessing Officer. The Commissioner of Income Tax and the Appellate Tribunal, after considering the material on record have rightly held that notice under Section 148 of the Act issued on 03.04.1997, is bad in law as the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X
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