TMI Blog2010 (3) TMI 1259X X X X Extracts X X X X X X X X Extracts X X X X ..... e is against the order passed by the Commissioner of Income-tax (Appeals) on 30.1.2009 in relation to the assessment year 2005-2006. 2. The first ground is against the reopening of the assessment. Briefly stated the facts of the case are that the assessee filed its return declaring total income at ₹ 1,07,10,220 on 29.11.2000. The assessment u/s.143(3) was completed on 26.3.2003. Subsequen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer. On going through the records of the assessee company for A.Y. 2000-01 it is seen that there was balance of MODVAT Credit in RG23 part-KII of ₹ 2,09,274/- as reported in tax audit report. However it is noticed that the balance of MODVAT credit of ₹ 2,09,274 at the end of the year has not been included in the closing stock. As per the provisions of section 145A of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. From the reasons for reopening as recorded above, it is seen that the Assessing Officer proceeded to make reassessment on account of Modvat credit of ₹ 2.09 lakhs which was not included in the value of closing stock. It is seen that the reference to such amount of ₹ 2.09 lakhs was reported in Tax Audit Report. The first proviso to section 147 provides that where an assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... From the reasons for reopening extracted above it is seen that there was no failure on the part of the assessee to disclose fully and truly all material facts qua the Modvat credit of ₹ 2.09 lakhs as the same was part of Tax Audit Report annexed to the Balance Sheet filed along with the return of income. The period of four years from the end of the relevant assessment year completed on 31.3. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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