9911796707
TMI Blog2022 (4) TMI 1232X X X X Extracts X X X X X X X X Extracts X X X X ..... dent No.2 under section 148 of the Income Tax Act, 1961 (for short "the Act") seeking to reopen the assessment for Assessment Year (A.Y.) 2014 -15 and the order on objections dated 13.12.2021 passed by the respondent No.1. 2] The petitioner is a company incorporated under the Companies Act and is engaged in the business of hotels and power generation from windmills. 3] The petitioner fled its original return of income in terms of section 139 of the Act for A.Y. 2014-2015 on 29.11.2014 declaring total income of Rs. 26,79,01,280/- after claiming deduction under section 80-IA of the Act amounting to Rs. 5,42,49,584/-. 4] Subsequently, the petitioner fled a revised return on 25.03.2016 declaring total income of Rs. 16,31,11,500/- after claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment within the meaning of section 147 of the Act. 10] The petitioner by a letter dated 28.04.2021 requested the respondent No.2 to drop the reassessment proceedings as according to the petitioner all material facts which were necessary for making the assessment were fully and truly disclosed and there was no escapement of income chargeable to tax. In addition to it, the petitioner requested respondent No.2 to provide reasons recorded for initiating reassessment proceedings as well as approval/sanction of respondent No.3 and provide a copy of tangible material based on which an opinion has been formed that the income chargeable to tax has escaped assessment. 11] Respondent No.2, accordingly, provided the reasons recorded for reopening t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade for relevant assessment year and four years from the end of the relevant assessment year has expired, then no reassessment proceedings can be initiated under section 147 of the Act unless any income chargeable to tax has escaped assessment for such assessment year by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment for that assessment year. It is submitted that the petitioner's case is covered by the said proviso as there is no failure on the part of the petitioner of the kind envisaged in the proviso and the record would clearly show that the entire issue with respect to deduction under section 80-I A of the Act has been duly scrutinized in the original assessment pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own by the Hon'ble Apex Court in the case of GKN Drive Shaft (India) Ltd [(2002) 125 taxmann 963 (SC)], the case of the assessee was reopened u/s 147 of the Act and accordingly, notice u/s 148 of the IT Act 1961 was issued to the assessee on 30.03.2021." 20] It is evident from the affidavit-in-reply that the Assessing Officer had all material facts before him when he made the original assessment and issue of deduction under section 80IA of the Act was a subject of consideration during the assessment proceedings. 21] This Court in Ananta Landmark Pvt. Ltd. vs. Deputy Commissioner of Income Tax Central Circle 5(3) and ors. has held: "The Assessing Officer has no power to review an assessment which has been concluded. If a period of four y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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