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TMI Blog2017 (12) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... t call any interference. The regular assessment was completed, in this case, on 31.03.2003. The regular assessment for AY 1998-99 was completed on 27.03.2001. In these circumstances, the assessee could not be faulted for having accepted the additions made for the previous assessment year (AY 1998-99); though later, given that the returns were filed on 29.11.2000 for the assessment year (AY 2000-01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment was completed under Section 143(3). Subsequently, much later i.e. on 21.03.2007, the Revenue exercised its powers under Section 147/148, recorded the following reasons:- 10. As regards assessment year 2000-01, Ld. Counsel submitted that for assessment year under consideration, reopening has been initiated beyond 4 years and the assessing officer has also alleged that assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss activities of the assessee i.e. running of the Hotel. After reducing the above mentioned receipts, the profits of the business of the assessee for the computation of deduction u/s 80HHD comes to negative finger and hence no deduction u/s 80HHD can be allowed to the assessee. The assessee at the time of filing the return of income during the assessment proceedings failed to disclosed fully and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erial; the circumstances that for the previous assessment year (i.e. AY 1998-99) the additions made by the AO were accepted, could not stand. The ITAT s reasoning is as follows: - In the present case, as noted above, Assessing Officer was having before him all material facts that were necessary for the purposes of completing original assessment. The Assessing Officer's recording that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s allowed for A. Y 2000-01. 4. This Court is of the opinion that the conclusion recorded by the ITAT does not call any interference. The regular assessment was completed, in this case, on 31.03.2003. The regular assessment for AY 1998-99 was completed on 27.03.2001. In these circumstances, the assessee could not be faulted for having accepted the additions made for the previous assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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