TMI Blog2021 (12) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... e was no failure on the part of the assessee to fully and truly disclose the rate of depreciation claimed. On this point, there cannot be re-opening. Gift from Fazle Rehaman in the reasons of re-opening itself it is stated as per material available on record . The assessee has received the gift amounting to ₹ 42,25,000/- but no details of gift deed is available on record. It is true that the original assessment order does not discuss this item of gift but the indisputable fact is in the balance sheet as on 31st March 2012 filed by petitioner, petitioner has disclosed in his capital account a sum of ₹ 42,25,000/- received from Fazle Rehaman. AO, who passed the earlier assessment order after selecting the case under Computer A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ree with Mr. Sriram. Now let us examine whether the notice to reopen dated 31st March 2019, where respondents have stated that they have reasons to believe that petitioner s income chargeable to tax for A.Y.- 2012-2013 has escaped assessment within the meaning of Section 147 of the Act, was valid notice. The reasons for re-opening dated 6th August 2019 has been provided to petitioner, copy whereof is annexed to the petition. Since notice to reopen has been issued after expiry of 4 years of completion of assessment, the proviso to Section 147 of the Act squarely applies to the case. The proviso to Section 147 was applicable at the relevant time provides where an assessment under Sub-Section (3) of Section 143 of the Act has been made for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lected under CASS on the issue of ....... depreciation at higher rate . It further says the assessee has claimed higher rate of depreciation @ 80% and it is verified and allowed. Therefore, even if the correct rate of depreciation was only @ 60%, still there was no failure on the part of the assessee to fully and truly disclose the rate of depreciation claimed. On this point, there cannot be re-opening. On the second aspect of gift from Fazle Rehaman amounting to ₹ 42,25,000/-, in the reasons of re-opening itself it is stated as per material available on record . The assessee has received the gift amounting to ₹ 42,25,000/- but no details of gift deed is available on record. It is true that the original assessment order does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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