TMI Blog1990 (3) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner's total income at Rs. 10,92,977. On March 30, 1985, the Income-tax Officer issued the impugned notice under section 148 of the Act requiring the petitioner to file its return of income for the assessment year 1980-81. The return was filed on April 30, 1985. Thereafter, the petitioner wrote to the Income-tax Officer three letters by means of which it requested the Income-tax Officer to furnish it with the reasons for the issue of notice and the provision under which the notice was issued. No information having been furnished by the Income-tax Officer as required by the petitioner, the petitioner filed the present petition. The petition was admitted on December 13, 1985, when rule was issued and interim relief in terms of prayer (d) w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment records of the Department were kept in such manner that it was not possible to produce them all at a time. Referring to the fact that, in the month of March, the Income-tax Officers are busy in completing time-barring assessments, it was not possible for them to spare time to file an affidavit-in-reply. However, he was happy to say that, in this case, he had with him the assessment records for this year which indicated the reasons for reopening the assessment. Reading out the reasons, Dr. Balasubramanian said that, at least on the ground of depreciation, formation of belief of the Income-tax Officer that the assessee's income chargeable to tax had escaped assessment would be justified. Despite the objection from counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clear from the claim of depreciation by the assessee-company in the subsequent years where the assessee-company had itself claimed depreciation at the rate of 10%. In view of the above, I have, therefore, reason to believe that on account of the failure on the part of the assessee to disclose fully and truly all the material facts required for its assessment, the assessee's income has escaped assessment within the provisions of section 147(b) of the Incometax Act, 1961. Issue notice under section 148 for default under section 147(b) of the Income-tax Act." So far as the objection of the Internal Audit Party as regards export markets development allowance is concerned, the objection is stated only to be rejected for the simple reason t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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