1984 (10) TMI 76

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f this common order. 2. On behalf of the assessee, Mr. Anil Harish, ld. Representative, pointed out that the assessments were-reopened under s. 147(a) after obtaining the sanction of the CIT, Bombay. The only ground for re-opening was the set off a carry forward of deficiency on account of 80J was wrong. In the revised assessment orders, the ITO mentions that in order to make a claim under s. 8 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... erefore, the assessee was specifically asked to work out capital employed in this plant as per Rule 19A. Looking to the balance-sheet for the earlier year, I find that if the capital is to be found out, it will be a minus figure." In 1972-73, the observations are that this allowance has been disallowed in the past and the reason for the same have been discussed at length in the previous years. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... was clearly observed that "the assessee is not maintaining separate books of account in respect of the new industrial undertaking." The calculation which were given to the ITO were verified and thereafter he passed the rectification order. The rectification order are at pp. 22, 36, 54, 55 of the paperbook for asst. yrs. 1970-71, 197-23 and 1976- 77. 3. Mr. Harish, pointed out that notices unde .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Mahadeshwar for the department relied on the orders of the authorities below. 4. We have heard the rival arguments of the parties. We have already brought out while narrating the facts as submitted by Mr. Harish, ld. Representative of the assessee, that the ITO was fully aware of the fact that the assessee was not maintaining separate books of account in respect of the solvent extraction unit. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d truly all material facts necessary for his assessment for the relevant year. In the instant case both the conditions have not been satisfied. The fact that the assessee did not maintain separate book of account for the solvent extraction unit was disclosed by the assessee and recorded as such by the ITO in his order. Therefore, there is no concealment of income on the part of the assessee as we .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X