TMI Blog2022 (1) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... shares issued by the company, provided valuation report issued by Deloitte Haskins Sells and also explained why the provisions of Section 56(2)(viib) of the Act was not applicable. After considering these points the assessment order dated 28th December, 2016 has been passed. Of course, this point has not been discussed in the assessment order but it is settled law that once a query is raised during the assessment proceedings and the assessee has replied to it, it follows that the query raised was a subject of consideration of the Assessing Officer while completing the assessment. It is not necessary that an assessment order should contain reference and/or discussion to disclose its satisfaction in respect of the query raised. It is also s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ADAR, JJ. Mr. Percy Pardiwalla, Senior Advocate i/b Mr. Atul K. Jasani for Petitioner. Mr. Sham V. Walve for Respondents. P.C. : 1. Petitioner is impugning notice dated 13th March, 2020 (Exhibit K ), an undated order (Exhibit V ), rejection order dated 27th September, 2021 (Exhibit AC ) rejecting petitioner s objections and reference order dated 29th September, 2021 (Exhibit AD ). 2. Petitioner is engaged in the business of manufacturing and trading in animal health care products. On 30th November, 2013 petitioner filed its return of income for the A.Y. 2013-14 declaring total income at NIL and carrying forward current loss of ₹ 28,33,44,787/-. Pursuant to the order passed by this court on 5th December, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per share was incorrect and should have been only ₹ 337/- per share. Therefore, the addition should have been made under Section 56(2)(viib) of the Act of ₹ 241,46,55,360/- which has escaped assessment. On the second point, according to the JAO, the CBDT, as per circular dated 1st August, 2012 stated that the Indian Medical Council has imposed prohibition on Medical Practitioners and their professional associates from taking gift, travel facilities, hospitality, cash, monetary grant etc. The assessee has claimed this expenditure in violation of the said circular and prohibition imposed by the Indian Medical Council which is not allowable under Section 37 of the Act. Therefore, this amount of ₹ 3,99,03,688/- has escaped ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing cost of samples, we say this has also been discussed during the assessment proceeding as could be seen from letter dated 22nd December, 2016 and 23rd December, 2016 submitted by petitioner to Assistant Commissioner of Income Tax 11(3)(3). In the letter dated 22nd December, 2016 petitioner has also discussed as to why the circular of CBDT dated 1st August, 2012 relied upon by the JAO is not applicable. 8. Therefore, it is quite obvious that the Assessing Officer has decided to reopen relying on the same set of facts. When primary facts necessary for assessment are fully and truly disclosed, the Assessing Officer is not entitled on change of opinion to commence proceedings for reassessment. On consideration of material on record, one v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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