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TMI Blog2015 (4) TMI 226X X X X Extracts X X X X X X X X Extracts X X X X ..... s been computed as per Annexure No. “A” of the assessment order. Appellate Authority has further held that the actual cost of the drillship to the assessee is what has been claimed by it before A.O. The assessee has duly furnished form 3CEB which is a report under Section 92E of the Income Tax Act, alongwith its return of income before the A.O. Accordingly, we do not find any infirmity in the order of C.I.T. (A) for allowing the claim of depreciation. Respectfully, following the above decision of Hon’ble I.T.A.T for earlier Assessment Year 2004-2005, I also hold that appellant has rightly declared the cost of acquisition of the drillship at U.S. $ 270 million as on 09.10.1993 and accordingly the depreciation should be allowed for the instan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two grounds firstly assessee, Dolphin Drilling PTE Limited is not the owner of Belford Dolphin, in view of the document dated 04.05.2003 and secondly that, it has come to the notice that assessee while filing return of the income tax has not included the sum of ₹ 29,15,76,689/- in the receipt in P L Account, therefore, assessee, in violation of provision, contained in Section 199 of the Income Tax Act, has claimed credit of T.D.S without offering the income for taxation. Section 147 of the Income Tax Act, 1961 reads as under: Income escaping assessment. - If the [Assessing Officer] [has reason to believe] that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reference or revision, which is chargeable to tax and has escaped assessment.] Explanation 1 : Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso. Explanation 2 : For the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely : (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.] As per second proviso of Section 147 of the Act, Assessing Officer may assess or reassess such income, other than income which was the subject matter of any appeal, reference or revision, which was chargeable to tax and had escaped assessment. In other words, such income can be said having been escaped, which was not the subject matter of appeal, revision or reference before the higher authorities, after having assessment finalized by the Assessment Officer. Undisputedly, assessment was finalized for the Assessment Year 2005-06 vide Assessment Order dated 26.12.2008, which was assailed before the Commissioner o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar. Order passed by the appellate authority would further reveal that AO has not drawn any adverse inference about the declaration of such revenues in P L Account vis- -vis the TDS certificates claimed in the return of income. Judgment further reveals that both these points were assailed before the Appellate Authority i.e. Commissioner of Income Tax (Appeal)-1 by the Revenue. Further contention of Revenue was repealed and was not accepted by the Appellate Authority. The judgment of Appellate Authority dated 16.02.2010 was assailed before I.T.A.T., however, same was also decided in favour of the assessee. Since, question of ownership and depreciation thereon was accepted twice by the C.I.T (A) in Assessment Year 2004-05 and 2005-06, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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