9911796707
TMI Blog2022 (4) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... al of this petition, to stay the implementation and operation of the notice at Annexure-'A' to this petition and stay the further proceedings for the Assessment Year 2014-15 (c) any other and further relief deemed just and proper be granted in the interest of justice; (d) to provide for the cost of this petition" 2. The subject matter of challenge in the present writ application is the legality and validity of the notice issued by the respondent dated 20th March, 2021 under Section 148 of the Income Tax Act, 1961 (for short "the Act, 1961"), seeking to reopen the assessment for the A.Y.2014-15 under Section 147 of the Act, 1961. Broadly, the Assessing Officer seeks to reopen the assessment for the relevant year on the following grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Hemani prays that there being merit in his writ application, the same be allowed and the impugned notice be quashed and set aside. 7. Per contra, Mr. M.R. Bhatt, the learned senior counsel appearing for the revenue would submit that the impugned notice issued under Section 148 cannot be said to be illegal or without jurisdiction in any manner. The same has been issued after recording cogent reasons. The objections raised by the writ applicant have been exhaustively dealt with. Mr. Bhatt would submit that the case has been reopened on the ground that the writ applicant had claimed business loss of Rs. 3,79,53,351/- and absorbed depreciation of Rs. 6,76,08,604/- thereby aggregating to Rs. 10,55,61,955/- and the same was justified against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount of goodwill. As a result of amalgamation, the assets of the amalgamated Company were brought in the books of the petitioner Company and applicable depreciation was also claimed. No intangible assets in the form of goodwill were in existence at the time of amalgamation either in the books of the amalgamated Company or in the books of the petitioner Company. The claim of depreciation of the successor/amalgamated Company in the year of amalgamation would be on the written down value of the assets in the books of the amalgamating company and not on the cost as recorded in the books of the amalgamated company. Failure to do the above has resulted into escapement of income of Rs. 1,91,95,171/-." 9. In such circumstances, referred to abov ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
