TMI Blog2022 (6) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... r, there is not even an assertion that there is failure on the part of the Petitioner to disclose fully and truly all material facts which is a mandatory requirement for the Respondent to assume jurisdiction. Secondly, the Respondent No.1 seems to proceed on the ground that the Petitioner has applied wrong method in respect of depreciation. This is a clear change of opinion. There is absolutely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner is a Private Limited Company. The Petitioner company is engaged in the business of manufacturing and export of gold jewellery. The Petitioner filed return of income under Section 139(1) of the Act on 27 November 1997 declaring total income at Rs. Nil after claiming depreciation on straight line method. It was stated so in the notes to account in the balance sheet filed along with return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 4 January 2005. On 22 January 2005, the Petitioner raised the objections to the notice which was rejected by order dated 14 February 2005. Hence, the present petition was filed. 5. Rule was issued in this petition on 7 March 2005 and the interim relief was granted in terms of prayer clause (d), i.e., staying the impugned order, notice and further proceedings. 6. The learned Counsel for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ethod and not on W.D.V. method, as per the Income Tax Act, 1961. In the circumstances, I have reason to believe that income of Rs.3,65,619/- chargeable to tax has escaped assessment by virtue of provisions of section 147 of the I.T. Act, 1961. 8. The two fundamental errors can be noticed. Firstly, by notice dated 29 March 2004 the assessment in respect of year 1997-98 was sought to be re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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