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TMI Blog2015 (3) TMI 892X X X X Extracts X X X X X X X X Extracts X X X X ..... t there was any omission and / or suppression on the part of the assessee in not disclosing the true and correct facts. If that be so, it cannot be said that the learned tribunal has committed any error in holding the reassessment proceedings for the Assessment Year 2003-04 as bad in law. We confirm the finding recorded by the learned tribunal that initiation of the reassessment proceedings for the Assessment Year 2003-04 was not permissible and was not legal and as such was bad in law. Under the circumstances, the learned tribunal has rightly not considered the appeal preferred by the revenue which was on merits of deletion of disallowance under Section 80IB of the Act. Under the circumstances, there is no substance in the present Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n under Section 80IB is eligible for SSI Unit only where the investment in fixed assets on Plant Machinery does not exceed ₹ 3 crore whereas the total value of the Plant Machinery as per the balance sheet for all the three assessment years under consideration was above 3 crore? Tax Appeal No.136/2015 Whether the Appellate Tribunal has erred in law and on facts in holding that the issuance of notice under Section 148 was bad in law which was issued as per provisions available as per explanation 2(c) (iii) and 2(c)(iv) given below Section 147 of the Income Tax Act? (2.0) The facts leading to the present Tax Appeals in nutshell are as under; (2.1) The assessee filed the return of income for the Assessment Year 2003-04 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eted the deduction under Section 80IB of the Act amounting to ₹ 38,07,493/- and revised the income. (2.2) Feeling aggrieved and dissatisfied with the reassessment order passed by the Assessing Officer under Section 147 of the Act for the Assessment Year 2003-04 of disallowance of deduction under Section 80IB of the Act amounting to ₹ 38,07,493/- the assessee preferred appeal before the CIT(A). It was also contended on behalf of the assessee that initiation of the assessment proceedings under Section 147 of the Act, which was beyond the period of four years, was illegal and not permissible as there was no commission and / or suppression on the part of the assessee. The learned CIT(A) held that initiation of the proceedings und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the learned tribunal. At the outset, it is required to be noted that admittedly the reassessment proceedings for the Assessment Year 2003-04 was beyond the period of four years and, therefore, the parameters, which would be applicable for initiation of the proceedings under Section 147 of the Act within the period of four years, would defer from initiation of the proceedings beyond four years. From the record, it appears and it is not disputed by Shri Bhatt, learned Counsel appearing on behalf of the revenue that as such alongwith the original return for the Assessment Year 2003-04 the assessee had produced the balance sheet in which the total value of the Plant and Machinery was ₹ 4,73,81,571/. Despite the above, the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o substantial question of law arise in the present Tax Appeals. (3.1) At this stage, Shri Bhatt, learned Counsel appearing on behalf of the appellant-revenue has requested to make observation that the present order shall not come in the way of the revenue in other Appeals with respect to the Assessment Years 2004-05 and 2005-06 where initiation of proceeding were within the period of four years. Under the circumstances, it is clarified that the present order shall be applicable with respect to the Assessment Year 2003-04 as initiation of the reassessment proceedings was beyond the period of four years and it was found that there was no suppression and / or omission on the part of the assessee. With this, the both the Tax Appeals are d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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