TMI Blog2022 (5) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... ening the assessment and remanded the matter to the assessing officer for fresh consideration. On the other hand, it was erroneously concluded that it is a deemed case where income chargeable to tax has escaped assessment and hence, the reassessment proceedings must go on. This court, without expressing any opinion on the merits of the case, is inclined to set aside the orders impugned herein as well as in the writ petition and are accordingly, set aside. Consequently, the matter is remanded to the assessing officer to decide the decision for reopening the assessment under Section 147 of the Act, afresh, by passing a speaking order, after considering all the documentary evidence and materials placed by the appellant without being influen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment. However, whether it is escaped assessment or not is the subjective adjudication, which is to be done by following the procedures as contemplated under the Act. 3.The main grievance of the learned counsel for the appellant is that after clearing the returns filed by the appellant for the assessment year 2009-10 by the Transfer Pricing Officer, without making any adjustments and the same having been accepted by the assessing officer, the respondent issued the notice under section 148 of the Income Tax Act for reopening the assessment, that too, after the expiry of four years, on the premise that the income chargeable to tax for the said assessment year has escaped assessment, which is illegal and contrary to the relevant provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant to substantiate its case by producing the necessary materials at the time of hearing the reassessment proceedings. Therefore, according to the learned counsel, the order impugned herein does not call for any interference by this court. 5.Heard both sides and perused the materials placed before this court. 6.Before proceeding further, it is but necessary to look into the relevant facts of the case, which are as follows: 6.1. The appellant is a company incorporated under the Companies Act, 1956 and they are engaged in the business of manufacturing the automobile parts. During the course of its business, they borrowed certain amount from the entities outside India. However, due to unprecedented economic crises witnessed ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent, by order dated 26.09.2016. Challenging the same, the appellant preferred WP.No.35924 of 2016, which was dismissed, by the order impugned herein. 7.It is an admitted fact that the respondent passed the assessment order in respect of the appellant for the assessment year in question, on 08.02.2013. However, the same was reopened by issuing notice dated 10.03.2016 under section 148 of the Act, to which, the appellant filed its detailed objections. But, the said objections were rejected by order dated 26.09.2016 by the respondent. 8.The learned counsel for the appellant, while raising many grounds assailing the notice issued by the respondent under section 148 and the order impugned herein, has submitted that the learned Judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer in the original assessment order dated 08.02.2013, not considered many such details and passed an assessment order in a cryptic manner. From and out of such an assessment order, the respondent could able to trace out certain under assessment and such income has been made the subject of excessive relief under the Income Tax Act or excessive allowance under the Act has been computed. In view of the fact that the case of the petitioner is falling under the deemed cases, where income chargeable to tax has escaped assessment and such intricacy of under assessment and the excess relief or excess allowance or otherwise would be falling under the condition that the petitioner has failed to disclose fully and truly. Thus, it is neces ..... X X X X Extracts X X X X X X X X Extracts X X X X
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