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TMI Blog2023 (7) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 14th February 2022 disposing of the objections raised for reassessment. 2. The record indicates that the notice dated 30th March 2021 u/s 148 of the Act is issued after expiry of four years and the proviso to section 147 of the Act applies. Respondents have to show there was failure to truly and fully disclose material facts as decided by this Court in Ananta Landmark (P) Ltd. v DCIT CC 5(3) Mumbai [2021] 131 taxmann.com 52. 3. We have examined the reasons for initiation of proceedings u/s 147 of the Act annexed to the Petition that are evidently premised on the statement 'It is seen from the case records". The Assessment Officer (AO) recorded that: "2. .... the assessee had claimed set off of brought forward loss of 5,63,2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lgamated company. On the basis of this order, case was reopened for AY 2011-12 and order u/s 143(3) r.w.s. 263 of the Act was passed on 27th December 2016 wherein vide para 6.3 the assessing officer has concluded that as per section 72A(2) of the Act, the losses on amalgamation get fresh life for further 8 years from the date of amalgamation. Thus, it is simply clear from the reading of 72A(2) of the Act that, though the 'carried forward' losses of amalgamated company will become the loss of amalgamated company in the year of amalgamation, but other provisions of the Act (viz. 'carry forward' of a maximum period of 8 years) will apply accordingly. Hence the amalgamated company will be entitled for the claim for only the unexpired period ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "...the assessee has claimed losses of amalgamating company, which were not allowable as per the provisions of the Act as such losses have already lapsed. Therefore, the facts reported in the ITR and the submissions made at time of assessment, the view drawn by the then Assessing Officer is not as per the provisions of Section 72A of the Act. The incorrect claim of such losses and allowed in the assessment has been brought out by the Revenue Audit, which is one of the agencies identifying the revenue leakages and hence reopening proceedings have been rightly initiated which is within the ambit of law." 6. There appears no new tangible material available on record to conclude that income had escaped assessment. In our view it is clearly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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