Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (6) TMI 66 - BOMBAY HIGH COURTReopening of an assessment u/s 147 – Income escapement assessment– notice u/s 148 – beyond a period of 4 years - failure on the part of the assessee to disclose fully and truly all the material facts – The ground which was set out in the notice was that the assessee had in its return of income declared a nil total income after claiming a deduction under Section 80HHC of Rs.3.42 crores. According to the Assessing Officer, the assessee had shown as against the adjusted profit of the business, a loss of Rs.5.29 crores. As the assessee had allegedly incurred a loss on the export business, the Assessing Officer held that it was not entitled to a deduction under Section 80HHC - Held that: . There was no failure on the part of the assessee to disclose fully and truly all material facts. The Assessing Officer could not have formed a reason to believe that income has escaped assessment. That apart, there is merit in the contention that in terms of the second proviso to Section 147, the assessment could not have been reopened – notice set aside – decided in favor of assessee
|