9911796707
TMI Blog2013 (2) TMI 524X X X X Extracts X X X X X X X X Extracts X X X X ..... anation 2 of Section 147, as amended with effect from 01-04-1989, provides that if allowances under this act have been computed excessively, then it will be the case of deemed escapement assessment - Assessee for A.Y.1992-93 has escaped assessment, therefore notice u/s.148 is issued for re-assessment of income of the assessee – From the perusal of the records, reopening was valid reopening within 4 years - Since it is not a case of change of opinion and deduction under section 80I has not been correctly computed - Reopening of the assessment is justified– Appeal filed by the assessee dismissed - Against the assessee. - TAX APPEAL No. 1660 of 2010 - - - Dated:- 9-1-2012 - MR. AKIL KURESHI AND MS SONIA GOKANI JJ. Appearance: MR SN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction under Section 80I of the Income Tax Act, 1961 was examined threadbare by the Assessing Officer while framing original assessment. The second aspect pertains to the addition of Rs.3.65 lakhs (rounded off) made by the Assessing Officer treating the claim of the deduction as excessive and inadmissible to that extent. Counsel submitted that Assessing Officer, CIT(Appeals) as well as the Tribunal failed to examine the relevant aspects of the matter and came to erroneous conclusion. 3. With respect first question, we notice that the Assessing Officer had recorded following reasons for reopening the assessment previously framed:- It is seen that the assessee has claimed in the return deduction u/s.80I of the I.T. Act in respect o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a unit which might be expected in the normal course of business, the profit derived from Baroda unit where to be computed as per Section 80I(9). Even if the 50% of the total income of composite unit is treated as pertaining to Baroda unit giving all benefits of doubt to the assessee in such estimation, it is seen that the deduction u/s.80I(9) has been allowed in excess to the assessee/by approximately a sum of Rs.20 lacs. In view of the above, I have reason to believe that the income of approximately Rs.20 lacs chargeable to tax in the case of assessee for A.Y.1992-93 has escaped assessment. Therefore notice u/s.148 is issued for re-assessment of income of the assessee. 4. The assessee contested the reopening. The Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l has examined the relevant aspects of the matter and come to the conclusion that the reopening was valid. Counsel for the Revenue was unable to point out that in the original assessment, the issues on which the assessment was sought to be reopened, were examined by the Assessing Officer. That being the position, reopening within 4 years was rightly held permissible by the Tribunal. It cannot be stated that such reopening was based on mere change of opinion. 5. Coming to the question of additions made by the Assessing Officer and sustained by CIT(Appeals) as well as the Tribunal, we find that the entire issue is in the realm of appreciation of materials on record. It is not in dispute that under sub-Section (9) of Section 80I the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
