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TMI Blog2024 (5) TMI 1551X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the action of the AO despite the fact that the reopening by the AO and consequent reassessment without complying with the statutory conditions prescribed under Section 147 read with Section 148 of the Act is bad in law. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the action of the AO ignoring the fact that the AO has erred both on facts and in law in making reassessment under Section 147 of the Act as the reasons recorded for reopening the assessment does not meet the requirements of Section 147 of the Act. 4. On the facts and circumstances of the case, the learned C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) has erred, both on facts and in law in rejecting the contention of the assessee that the reassessment proceedings initiated beyond a period of four years from the end of the relevant assessment year despite the fact that original assessment being framed under section 143(3) is bad in law in view of proviso to section 147 of the Act. 9. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in confirming the action of the learned AO under section 148 of the Income tax Act is illegal, that the same has been passed without assumption of valid jurisdiction. 10. (i) On the facts and circumstances of the case the learned CIT(A) has erred both on facts and in law in confirming the addition of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evant assessment year is valid and was any there escapement of income chargeable to tax by reason of the failure on the part of the assessee or not?" 4. The pertinent facts required for the adjudication of the case are as under: * Assessment Year : 2006-07 * Date of filing of original return : 14.11.2006 * Date of filing of revised return : 20.03.2007 * Date of passing of order u/s 143(3) : 26.11.2007 * Date of intimation of audit objections to the assessee : 08.09.2008 * Date of reply of the assessee on the audit objection : 11.09.2008 * Date of issue of notice u/s 148 : 18.03.2013 5. The audit objection raised by the Revenue audit party is as under: "Sub: Reply to objection raised by Revenue Audit party - reg. On perus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . K. Sharma) Asstt. Commissioner of Income Tax Circle-13(1), New Delhi 6. Thus, it can be seen that the objections raised by the Revenue Audit of the CAG raised three issues on verification of the assessment records viz. depreciation, stores written off & bond issue expenses which were claimed as revenue in nature. 7. The objections were conveyed to the assessee and the assessee replied vide letter dated 11.09.2008 with regard to book adjustment of the assets, reasons for claiming, written off stores and bond issue expenses. The assessee submitted that the stores have been written off every year of the obsolete items after the approval of competent authority consisting of teams of quality assurance officers, material management employee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be disallowed. Hence under assessment of income of Rs. 80,00,000/ -. On the basis of examination of the facts and circumstances for AY 2006- 07, as above, I have reason to believe that the income has escaped assessment on account of failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment within the meaning of provisions of section 147 of the IT Act, 1961. Since, four years have expired from the end of the relevant assessment year and the assessment was made u/s 143(3) of the IT Act, as per provisions of section 151(1) of the IT Act, necessary approval of the Commissioner of Income Tax, Delhi-V Now Delhi is solicited for issue of notice u/s 148 of the IT Act, for A.Y. 2006-07." Sd/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year: Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year:" 12. From the perusal of the rec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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