TMI Blog2021 (12) TMI 1092X X X X Extracts X X X X X X X X Extracts X X X X ..... was addressed by Petitioners Chartered Accountant to the Assessing Officer where the details of the loan given to its overseas subsidiary and rate of interest charged have been provided. Petitioner, in its statement giving details of disallowances made, also has stated that for AY 2012-13 and AY 2013-14, there was disallowance on account of depreciation of goodwill. Notwithstanding that the Assessing Officer has allowed depreciation of goodwill for AY 2014-15. As held by Apex Court in the case of Indian Eastern Newspaper Society, New Delhi Vs. Commissioner of Income Tax, New Delhi [ 1979 (8) TMI 1 - SUPREME COURT] even if it is an error that the Assessing Officer discovered, still an error discovered on a re-consideration of the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer and the entire paragraph 6 containing applicability of the provisions of Section 147/151 to the facts of the case mentioned in the reasons annexed to the Affidavit-in-Reply are missing from the reasons annexed to the Petition though it is signed by the same Ankit Verma. We also note that in quite a few cases, date on the reasons or dates in the sanctions being granted are missing. Respondents are directed, henceforth, in all reasons and form for recording approval, the date will be mentioned including the date on which the officers have signed. Whichever authority is granting the sanction shall write the date and time digitally below the signature. Mr. Suresh Kumar is directed to convey these directions to the Princip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer from examining the issue. As the Assessing Officer made additional enquiry and came to conclusion that income had escaped assessment, Courts should not interfere. 5. The reasons state It was seen from the assessment record and it can be seen that while assessee has secured loan .. , the assessment record of the assessee were accessed and were used to enquire .. . Therefore, the entire basis to re-open or to form an opinion has been based on the same set of facts and material which were available before the Assessing Officer who passed the original Assessment Order. 6. The present Assessing Officer has problems with 2 issues viz. loan given by Petitioner to its foreign subsidiary at 11% p.a. rate of interest and claim of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. In reply, Petitioner, by its letter dated 07/09/2016, provided the details. Petitioner, in its statement giving details of disallowances made, also has stated that for AY 2012-13 and AY 2013-14, there was disallowance on account of depreciation of goodwill. Notwithstanding that the Assessing Officer has allowed depreciation of goodwill for AY 2014-15. As held by Apex Court in the case of Indian Eastern Newspaper Society, New Delhi Vs. Commissioner of Income Tax, New Delhi 119 ITR 996, even if it is an error that the Assessing Officer discovered, still an error discovered on a re-consideration of the same material does not given him power to re-open. When the primary facts necessary for assessment are fully and truly disclosed, the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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