9911796707
TMI Blog2022 (1) TMI 378X X X X Extracts X X X X X X X X Extracts X X X X ..... inance company in the business of lending money dealing in securities and other related activities. Petitioner filed its e-return of income on 28/09/2012 declaring total income at Rs. 64,38,46,480/-. The case was selected for scrutiny and order u/s. 143(3) was passed on 21.01.2015 after making disallowance u/s. 14A of the Act of Rs. 1,02,39,472/- (under Rule 8D(2)(ii) Rs. 91,50,000/- and under Rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner to disclose truly and fully material facts required for assessment. 3. Mr. Suresh Kumar 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 full ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of failure to disclose is made out, then certainly the assumption of jurisdiction under Sections 147 and 148 of the Act would be ultra vires, being in excess of the jurisdictional restraints imposed by the first proviso to Section 147 of the Act." 4. We have considered the reasons for re-opening and in our view, respondents have miserably failed to even disclose what was the material fact tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment Order, had all primary facts necessary for assessment and he is supposed to have considered all these points when he passed the Assessment Order. It is also settled law that on change of opinion, assessment cannot be re-opened and in any event, even if we, for a moment, agree with the contents of the reason that the average value of investment was adopted at Rs. 21.79 crores as against R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eased to issue under Article 226 of the Constitution of India an appropriate direction, order or writ including a writ in the nature of Certiorari calling for the records of the case and after satisfying itself as to the legality thereof, quash and set aside the notice dated 28.03.2019 (Exhibit 'G') issued by the Respondent No.1 under Section 148 and order dated 05.11.2019 (Exhibit 'J') passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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