TMI Blog2022 (3) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... e on the part of petitioner to disclose truly and fully all material facts required for assessment. We cannot make out, from the reasons for re-opening, that there has been any such failure. The entire basis for re-opening is relying upon the balance sheet filed by petitioner. The statement of Revenue that there has been failure on the part of petitioner to disclose fully and truly all material facts is only to get over restrictions imposed in Section 147 of the Act. On this ground alone the notice has to be quashed and set aside. Moreover, since the issue of debentures has been a subject of consideration of assessment proceedings, re-opening on the same basis relying on the same primary facts disclosed based on change of opinion is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. Petitioner filed its return of income for A.Y. 2008-09 on 22nd September, 2008 declaring total income of Rs.(-)3,63,865/-. The return of income was processed under Section 143(1) of the Income Tax Act, 1961 (the Act) on 24th August, 2009. Later the case was selected for scrutiny and statutory notice dated 17th August, 2009 under Section 143(2) of the Act was issued and served on petitioner on 26th August, 2009. Thereafter, statutory notices were issued under Section 142(1) of the Act alongwith questionnaire asking petitioner to submit various details. Petitioner submitted details and assessment was completed accepting total income as per return of income, i.e., Rs.(-)3,63,865/-. 3. During the assessment proceedings as per notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The statement of Revenue that there has been failure on the part of petitioner to disclose fully and truly all material facts is only to get over restrictions imposed in Section 147 of the Act. On this ground alone the notice has to be quashed and set aside. 6. Moreover, since the issue of debentures has been a subject of consideration of assessment proceedings, re-opening on the same basis relying on the same primary facts disclosed based on change of opinion is not permissible. 7. Mr. Suresh Kumar submitted that issue of debentures has not been disclosed in the assessment order. That would not help Revenue because it is settled law that it is not necessary that the assessment order should contain reference and/or discussion to disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arch 2013 under Section 148 of the Act seeking to reopen assessment for A.Y. 2008-09 is based on mere change of opinion. However, according to Mr. Chhotaray, learned Counsel for the revenue the aforesaid issue now raised has not been considered earlier as the same is not referred to in the assessment order dated 12 October 2010 passed for A.Y. 2008-09. We are of the view 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. If an A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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