9911796707
TMI Blog2019 (6) TMI 1485X X X X Extracts X X X X X X X X Extracts X X X X ..... nd (b) ld. CIT(A) has erred in upholding the addition of Rs. 159,46,05,271/-. 2. The brief facts of the case are that assessee has filed its return of income on 27th Dec, 2006 declaring loss of Rs. 137,02,37,406/-. This return was processed u/s. 143(1) and an intimation was issued on 9th April, 2007 without any changes in returned income. An assessment order was passed u/s. 143(3) on 16-12-2008 at Rs. (-)12,00,85,426/-. The ld. assessing officer thereafter recorded reasons and reopened the assessment. The assessee objected to reopening of the assessment but the ld. assessing officer rejected its contention. 3. Appeal to ld. CIT(A) did not bring any relief to the assessee. 4. The ld. counsel for the assessee while impugning the order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further relied upon the orders of revenue authorities. 6. We have heard the rival contentions and gone through the records carefully. In order to appreciate the controversy, we deem it pertinent to note the reasons for reopening which read as under:- "In this case, income tax. e-return was filed on 27.12.2006 declaring total loss Rs. l,37,02,37,406/- for A.Y.2006-07. The assesses is doing the business of providing financial assistance, to industrial units. The assessment for A.Y.2006-07 was finalized u/s. 143(3) on 16.12.2008 determining total income at. Rs. 12,00,85,426/-. 2. During the course of assessment proceedings, for A.Y.2009-10, it was noticed that the assessee is having capital reserve of Rs. l82,87,27,18 4/-. On verificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... --Gain on restructuring of Principal debts of Rs. 1,59,46,05,271/- Submit compete detail thereof with its impact on total income. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx (11) Submit complete details of following income credited to your P & L A/c: a) Interest on loan and advances b) Int. sacrifice on restructuring c) Interest on term loan d) Lease Income e) Lease Rental income" The interdiction provided in the proviso appended to section 147 creates an embargo on the powers of assessing officer to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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