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TMI Blog2015 (12) TMI 577X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing questions, stated to be substantial questions of law :- "(1) Whether the Hon'ble Tribunal in the facts and circumstances has erred in law and in facts in holding that reassessment order is time barred? (2) Whether the Hon'ble Tribunal in the facts and circumstances has erred in law and in facts in holding that liability of additional tax can be adjusted against incentive limit and it is not required to be paid in cash?" 2. The facts stated briefly are that the respondent assessee was initially assessed for the calendar year 2000 on 27.7.2004 and a total demand of Rs. 3,88,44,094/- came to be adjusted against the exemption limit and accordingly no demand was raised in the assessment. The assessing authority thereafter took the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e period April, 2000 to 31.12.2000, has computed the tax at 8.8% and 16.5% respectively, by adding 10% additional tax. It was pointed out that in the assessment order the assessing authority has itself adjusted the amount of tax payable, including the additional amount, against the exemption limit. It was submitted that, therefore, all facts were there before the assessing authority which has duly applied its mind to the said facts and after considering the additional tax payable, has adjusted the same against the exemption limit. Under the circumstances, there is no question of any concealment of any material particulars or furnishing of incorrect declaration of return so as to warrant invocation of the extended period of limitation under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en wrongly given or any drawback, set off or refund has been wrongly granted in any order of assessment so made then the Commissioner may, (a) where he has reason to believe that the dealer has concealed such sales or specified sales or purchases or any material particulars relating thereto, or has knowingly furnished incorrect declaration or returns, at any time within eight years, and (b) in any other case, at any time within five years. Therefore, for the purpose of invoking the extended period of limitation under clause (a) of section 44 of the Act, the appellant is required to make out a case that the reassessment proceedings had been initiated on account of the Commissioner having reason to believe that the dealer had concealed such s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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