9911796707
TMI Blog2023 (11) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... t was that there was error in calculating and the reasons were factually incorrect. Evidently, the assessment year in question was assessment year 2012-13. Regular assessment u/s 143(3) was finalised on 23.03.2016. Four years had gone by from the end of the relevant period as the notice is dated 25.03.2019. There was therefore no failure on the part of the petitioner to disclose fully and truly all material facts necessary for the its assessment. Even from the record, it is evident that it is aptly demonstrated that as per statement of income MAT credit details were filed. No details or further inquiry was made on the claim. Having accepted the claim in absence of any other reason reassessment on the very issue was a change of opinion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent for the A.Y. 2012-13. Reasons for reopening were also supplied to the Petitioner on 10.04.2019. The petitioner vide letters dated 06.06.2019 raised various objections, on merits and on law and requested the respondent to drop the reassessment proceedings. Thereafter, vide order dated 05.10.2019, the respondent disposed of the objections and rejected the same. 4. Mr. B.S. Soparkar, learned advocate appearing for the petitioner would submit that the reasons indicate that on scrutiny of record it is found that the petitioner has claimed MAT credit of Rs.5,37,51,517/- as against available MAT credit of Rs.2,40,98,476/- resulting in the excess claim of MAT by rs.2,96,53,041/- and also carried forward MAT credit of Rs.3,99,51,560/- for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it under Section 115JB gave details of the claim. What also was pointed out was that there was error in calculating and the reasons were factually incorrect. 7. Evidently, the assessment year in question was assessment year 2012-13. Regular assessment u/s 143(3) was finalised on 23.03.2016. Four years had gone by from the end of the relevant period as the notice is dated 25.03.2019. Reading the assessment order under section 143(3) read with Section 144C indicates thus: 8. Assessed u/s 143(3) r.w.s. 144C of the Income Tax Act, 1961. The MAT income u/s 115JB of the Act is of Rs. 45,58,27,868/-. Since the income tax as per normal provisions of the Act is higher/ lower than the tax computed under the MAT provisions, the higher income o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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