9911796707
TMI Blog2013 (12) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax, Agra - respondent No.2 for the Assessment Years 2005-06 and 2006-07. The petitioners have also prayed for directions in the nature of prohibition, restraining respondent No.2 from initiating proceedings in pursuance of the notice dated 5.3.2012 under Sections 147/148 of the Income Tax Act 1961, for the aforesaid assessment years. It is submitted by the counsel for the petitioners that returns filed by the writ petitioner for the Assessment Year 2005-06, showing balance tax payable 'nil'; and return for the Assessment Year 2006-07, showing Rs.90,055/- as tax refundable for the year 2006-07, were accepted. A notice under Section 148 of the Income Tax Act 1961 (the Act) was issued to the petitioner on 5.3.2012, for both the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs filed preliminary objection regarding assumption of jurisdiction under Section 148, which was decided, as not acceptable, vide order dated 7.5.2012, of the Asstt. Commissioner of Income Tax-I, Agra. Other than the authorities of law referred to in the order recording reasons under Sectoon 148 (2), the Asstt. Commissioner of Income Tax-I, Agra, also relied on the judgment in M/s. Liberty India Vs. CIT [(2009) 183 Taxman 349 (SC)], in which the Supreme Court has held that the duty draw back receipt/DEPB benefits do not fom part of the net profits of eligible industrial undertaking for the purpose of Section 80 IB of the Act. The petitioners were issued notices dated 7.5.2012, requiring them to prepare a true and correct return, and submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luences the course of the assessment and decides any one or more of these matters which determine the assessee's tax liability". Sri Ravi Kant submits that the audit report, which was submitted as long back as on 17.11.2008, has been used in the proceedings under Section 148 of the Act for issuing notices dated 5.3.2012, in respect of the Assessment Years 2005-06 and 2007-08. He further submits that even if the audit report dated 17.11.2008, is taken to be the source of information, until the Assessing Officer was persuaded with the restatement of fact by the Supreme Court in Liberty India (Supra), which opinion was rendered on 31.08.2009; which did not authorize the Assessing Officer to issue notice to the running units - assessees prior ..... X X X X Extracts X X X X X X X X Extracts X X X X
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