9911796707
TMI Blog2018 (6) TMI 895X X X X Extracts X X X X X X X X Extracts X X X X ..... not been able to dispute this position clearly evident from the reasons recorded by the AO - reopening made by him without satisfying this statutory condition is invalid being barred by limitation. - decided in favor of assessee. - I.T.A. No. 431/Kol/2016 - - - Dated:- 15-6-2018 - Shri P.M. Jagtap, AM and Shri S.S. Viswanethra Ravi, JM For The Assessee : Shri Anil Kochar, Advocate For The Revenue : Shri S. Dasgupta, Addl. CIT (DR) ORDER Per P.M. Jagtap, AM This appeal filed by the assessee is directed against the order of Ld. CIT(A) 1, Kolkata dated 04.02.2016. 2. The assessee in the present case is a company which is engaged in the business of manufacturing of MS Billets TMT Bars. The return of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment as well as disputing the addition made by the AO therein on account of disallowance of the alleged excess depreciation. One of the contentions raised on behalf of the assessee before the Ld. CIT(A) by relying on the proviso to section 147 was that the reopening of assessment originally completed under section 143(3) beyond a period of 4 years from the end of the relevant assessment years without pointing out any failure on the part of the assessee to disclose fully and truly of material necessary for the assessment was barred by limitation. The Ld. CIT(A) did not entertain this contention of the assessee as, according to him, the assessment in the case of the assessee was reopened by the AO within a period of 4 years. He also re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see before the Ld. CIT(A), the later brushed aside the same on the basis of wrong presumption that the assessment was reopened by the AO within a period of 4 years. In order to appreciate this contention raised on behalf of the assessee, it is relevant to refer to the reasons recorded by the AO for reopening the assessment which are reproduced as under: On careful examination of the accounts, assessment order for the assessment year of the assessee company, if reveals that the assessee company had capital WIP of ₹ 5,28,53,472/- at the beginning of the year and Capital WIP of ₹ 2,29,155/- at the end of the year. The assessee company made addition to fixed assets of ₹ 6,51,68,839/- including capitalisation of Capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 99,78,505/- [(7.5% + 10%) on ₹ 5,70,20,032] claimed on Plant Machinery and excess depreciation of ₹ 38,890/- claimed on Office Equipment was required to be disallowed and added back. Mistake in doing so there was under assessment of income of ₹ 1,02,43,827/- and consequent tax effect of ₹ 34,48,072/-. Further, the assessee company filed return not within the due date of filing return as per section 139(1), hence the assessee company was liable to pay interest u/s 234A but the same was not levied in the assessment. The above omission resulted in undercharge of tax of ₹ 34,48,072/-. In view of the above, remedial measure is required to be taken u/s 147 to issue notice u/s 148. 5. A perusal ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
