Law:

Section:

JUDGMENT M.S. Sanklecha, J. - At the instance of the counsel, the petition is taken up for final hearing. 2. By this petition under article 226 of the Constitution of India, the petitioner challenges the impugned notice dated March 22, 2013, issued under section 148 of the Income-tax Act, 1961 ("the Act"). By the above impugned notice dated March 22, 2013, respondent No. 1-Assessing Officer is seeking to reopen the assessment for the assessment year 2006-07. 3. On November 28, 2006, the petitioner filed its return of income for the assessment year 2006-07, declaring a total income of Rs. 60.21 lakhs. On April 21, 2008, the Assessing Officer completed the assessment under section 143(3) of the Act determining the petitioner's income at Rs. 62.21 lakhs. 4. Thereafter, the impugned notice was issued on March 22, 2013, under section 148 of the Act seeking to reopen the assessment for the assessment year 2006-07. In response to the petitioner's request, the Assessing Officer on September 10, 2013, served a copy of the reasons recorded by him for issuing the impugned notice dated March 22, 2013. The reasons as recorded read as under : "Date : 22-3-2013 Reasons recorded for issuing notice under section 147 of the Income-tax Act, 1961, Talati and Panthaky Associates P. Ltd. Assessment year 2006-07 1. In this case, it is seen that in the computation of income net profit as per the profit and loss account was taken at Rs. 60,80,154 as against the actual profit of Rs. 1,27,40,620 thus income was considered less to the extent of Rs. 66,53,466. 2. Secondly, as per the details, under section 44AB furnished along with the return of income, it was seen that the following amounts were disallowable : Rs. 1 Provident fund and other amounts not paid by due date (section 2(24)(x)) 15,19,692 2. Expenditure at club 1,87,646 3. Under section 40(a) 1,48,82,417 4. Under section 41 54,317 5. Under section 43B 4,16,166 6. Prior period expenses 3,07,084 Total 1,71,79,776 Less : Amount disallowed under section 43B in the earlier year 45,76,728 Net disallowable 1,26,03,048 The assessee has failed to disclose fully and truly all material facts necessary for his assessment for that assessment…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492