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TMI Blog2013 (2) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... Act is for the benefit of the Revenue and not for the benefit of the assessee and, therefore, in the reassessment proceedings, the assesse be permitted to convert the reassessment proceedings as his appeal or revision in disguise - Since the decision of the Income-tax Appellate Tribunal is contrary to the aforesaid decision of the apex court, the impugned decision of the Income-tax Appellate Tribunal is quashed and set aside and the matter is restored to the file of the Income-tax Appellate Tribunal for fresh decision in accordance with law. TDR premium amount received by the assessee has been voluntarily offered to tax, the question of considering the taxability of that amount by applying the principle of mutuality in the reassessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the TDR premium should not be disallowed and, accordingly, called upon the assessee to file return of income. In response to the said notice, the assessee by its letter dated 19th December, 2002, replied as under : "Return of income for the assessment year 1999-2000 is filed with the Joint Commissioner of Income-tax, Special Range-10, Mumbai, on December 23, 1999, vide Machine No. 227. Xerox copies of return of income, computation of income, income and expenditure and balance-sheet as on March 31, 1999, are enclosed for your ready reference. You can observe from the same that we have offered transfer fees received for taxation. Therefore, kindly treat the return of income filed on December 23, 1999, as return filed in response to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held the order of the Commissioner of Income-tax (Appeals) in disallowing the expenditure of Rs. 5,73,087 as the same was not seriously contested by the assessee. Challenging the aforesaid order, the Revenue has filed the present appeal. 7. The basic argument of the Revenue is that the income assessed on reassessment cannot be less than the income originally assessed. In support of the above contention, reliance is placed on the decision of the apex court in the case of CIT v. Sun Engineering Works P. Ltd. reported in [1992] 198 ITR 297 (SC). 8. Mr. Irani, learned counsel appearing on behalf of the assessee, fairly agreed with the above contention of the Revenue. However, Mr. Irani sub-mitted that in the reassessment proceedings it woul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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