9911796707
TMI Blog2011 (3) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... as the order dated 10/11/2010 rejecting the objections raised by the petitioner are quashed and set aside. - 118 OF 2011 - - - Dated:- 14-3-2011 - J.P. DEVADHAR, MRS. R.S, DALVI, JJ. Mr. P.J.Pardiwala, senior Advocate with Mr.M.Agrawal and Ms. Mayusha Bodhe, Advocates i/b. Mint Confrers for the petitioner. Mr. Suresh Kumar for respondents. ORAL JUDGMENT (PER J.P. DEVEDHAR, J.) 1. Rule, made returnable forthwith. By consent, petition is taken up for final hearing. 2. This petition is filed to challenge the notice dated 29/3/2010 issued under Section 148 of the Income Tax Act, 1961 seeking to reopen the assessment for assessment year 2003-04 and also the order dated 10/11/2010 whereby the objections raised by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or manufacturing 12 Hydroxstearic Acid and in the paragraph 3 of the said letter fixed minimum value addition of 82% as against original 25.14%. In the Profit Loss Account for the year ended 31st March, 2003, total expenditure of EOU-I and EOU-II is Rs.84,53,69,961/- with the minimum value addition of 82%, the sale value was required to be Rs.153,85,73,329/-. As against targeted above sale value, total sale of EOU-I and EOU-II works out to Rs. 86,13,49.187/- and thus achieved value addition is merely 1.89%, say 2%. Since the permission of establishment of EOU was subject to achievement minimum value, addition of 82% and achieved value addition 2% is far below of targeted value addition manufacturing unit no longer hold status or hundred p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsence of any failure on the part of the assessee to disclose fully and truly all material facts, reopening of the assessment beyond four years from end of the relevant assessment year cannot be sustained. 6. In the present case, the assessment is sought to be reopened beyond four years from the end of the relevant assessment year. From the reasons recorded for reopening of the assessment, it cannot even remotely be said that there is failure to disclose fully and truly all material facts. Presumption on the part of the assessing officer that the assessee has failed to achieve 82% value addition is not evencase of the licensing authority who has imposed the condition regarding value addition. 7. As per the proviso to Section 147 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
