9911796707
TMI Blog2022 (4) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... r (hereinafter referred to as K-1 Unit) and another at District Solan (hereinafter referred to as Baddi 3 Unit or B-3 Unit). 2. It is petitioner's case that in terms of Section 80-IC(8)(ix) of the Income Tax Act, 1961 (the Act) petitioner was entitled to claim 100% deduction of its profit derived from the said K-1 Unit for five assessment years from Assessment Year 2012-2013. For B-3 Unit as well, it is petitioner's case that they were entitled to the same 100% deduction of its profits. 3. Petitioner filed its return of income for Assessment Year 2014- 2015 and an assessment order under Section 143(3) read with Section 144C of the Act was passed on 22nd February 2018 determining petitioner's income of Rs. 407.59 Crores as against t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act has been granted only on 26th March 2021. Therefore, the Assessing Officer ought not to have relied upon the judgment referred to in the reasons. Mr. Shah further submitted that this was even brought to the notice of the Assessing Officer in the objections filed by petitioner and in the order disposing the objections, the Assessing Officer has conveniently ignored to deal with the said objection. Mr. Shah submitted that in the affidavit in reply, though it is not denied that the judgment has been overruled, respondents have conveniently stated that the Officer cannot be expected to know all the judgments. 6. Mr. Sharma, counsel for respondents submitted that when the reopening was proposed, the Assessing Officer has opined that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been no failure whatsoever on the issue of Section 80-IC (3) of the Act. The deductions have been first of all explained in the documents filed alongwith the return of income. Moreover, during the assessment proceedings, a notice dated 6th June 2016 under Section 142(1) of the Act was issued to petitioner calling upon petitioner to furnish reasons for revising the income if the return has been revised. In its reply dated 30th June 2016, petitioner has given the reason for revising its income and has expressly stated that the deduction that it claimed under Section 80-IC for the two eligible units was inadvertently claimed at 30% when it was entitled to claim 100%. Petitioner had received another notice dated 8th November 2017 under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer during the assessment proceedings. The fact that queries were raised and answers were given also indicate that there is no failure on the part of petitioner to truly and fully disclose material facts. 11. In the circumstances, we have to allow the petition in terms of prayer clause - (a), which we hereby do. Prayer clause - (a) reads as under : (a) that this Hon'ble Court be pleased to issue a Writ of Certiorari or any other writ order or direction under Article 226 of the Constitution of India calling for the records of the case leading to the issue of the impugned notice and passing of the impugned order and after going through the same and examining the question of legality thereof quash, cancel and set aside the imp ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
