The Commissioner Of Income Tax – 3, Mumbai v. Icici Securities Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.992 OF 2011 The Commissioner of Income Tax – 3, Mumbai Versus ICICI Securities Limited ..Appellant. ..Respondent. Mr.Vimal Gupta, Senior Advocate with Ms.Padma Divakar for the appellant.Mr.P.C. Tripathi i/by Mr.Atul K Jasani for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 30[th] January 2013 P.C. : 1.In this appeal by the Revenue for assessment year 1998-1999, following question of law has been raised for our consideration. “Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the assessee company had disclosed fully and truly all material facts necessary for assessment and, therefore, the reopening of assessment after four years was bad in law ?” 2.Admittedly, the assessment is being sought to be reopened beyond four years. The finding of fact recorded by the Tribunal is that the respondent – assessee had disclosed fully and truly all material facts necessary for assessment during the original proceedings, leading to an order under Section 143(3) of the Act. 3.In view of the finding of fact recorded by the Tribunal, we see no reason to entertain the present appeal. The appeal is accordingly dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)