9911796707
TMI Blog2021 (12) TMI 318X X X X Extracts X X X X X X X X Extracts X X X X ..... le forthwith. 2. Petitioner had received a notice dated 23rd March 2011 under Section 148 of the Income Tax Act, 1961 (the said Act) informing petitioner that the Revenue had reasons to believe that petitioner's income in respect of which it was chargeable to tax for Assessment Year 2004-2005 has escaped assessment within the meaning of Section 147 of the said Act. 3. Petitioner responded to the notice with its objections. Before the objections were disposed, various further notices were issued. All these notices were impugned in this petition as originally filed. By an order dated 7th March 2013 ad-interim relief in terms of prayer clause - (d) was granted by this Court with a caution to the parties that the petition may be heard and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he working profit calculated by the assessee is not correct. The Arm's Length Price is calculated short by Rs. 116.20 Crores. Hence the income of Rs. 116.20 Crores has escaped income within the meaning of Section 147 of the Act. Yours faithfully, (Dr. Satyapal Singh Meena) Asstt. Commissioner of Income Tax Circle - 1, Aurangabad 5. As could be seen from the notice dated 23rd March 2011 issued under Section 148 of the said Act, the proposal to reassess is being done after the expiry of four years from the end of the relevant assessment year, viz., 2004-2005. Section 147 of the said Act, as it was then in force, reads as under : 147. Income escaping assessment - If the Assessing Officer has reason to believe that any income chargeable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cate which are those material facts that petitioner has failed to truly and fully disclose. 7. Mr. Walve relied upon a judgment of this Court in Crompton Greaves Ltd. V/s. Assistant Commissioner of Income Tax, Circle 6 (2) (2015) 55 taxmann.com 59 (Bombay) to submit that even if the reason for reopening does not specifically state that there was any failure on the part of petitioner to disclose fully and truly all material facts necessary for its assessment for the relevant assessment year, it will not be fatal to the assumption of jurisdiction under Sections 147 and 148 of the Act. We would certainly agree with Mr. Walve but as held in Crompton Greaves Ltd. (Supra), this is subject to the rider that there must be cogent and clear indicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hnical services paid to Volks Wagen AG. Before the original assessment order was passed, the Transfer Pricing Officer also had raised all these queries and passed his transfer pricing order dated 19th December 2006 which Mr. Agrawal states has been challenged separately before the Commissioner of Income Tax (Appeals). Even in this order by the Transfer Pricing Officer passed on 19th December 2006 under Section 92CA (3) of the said Act, the Transfer Pricing Officer has considered the royalty, technical know how amounts paid and passed his order. This order of the Transfer Pricing Officer has been considered by the Assessing Officer while passing the original assessment order dated 29th December 2006 under Section 143 (3) of the said Act. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er examining the legality and validity of the impugned notice dated March 23, 2011 issued under Section 148 of the Act (being Exhibit - N hereto), the impugned notices dated June 08, 2011 and January 04, 2012 issued by Respondent No.1 (being Exhibits P & S hereto) impugned notices dated May 04, 2012, August 13, 2012 and December 13, 2012 issued by Respondent No.2 (being Exhibits U, X & Y hereto) and impugned order date January 17, 2013 passed by Respondent No.1 (being Exhibit AB hereto), impugned order dated January 23, 2013 passed by Respondent No.2 (being Exhibit Ac hereto) and impugned order dated March 28, 2013 passed by Respondent No.1 (being Exhibit AK hereto) and quash and set aside the same. 11. Petition disposed with no order as t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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