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2003 (7) TMI 35 - HC - Income TaxReassessment notice – challenge to validity of notice - Assessing Officer has sought to reopen the assessment on certain erroneous assumptions - the assessee has not even received cash subsidy of Rs. 20 lakhs during the accounting year ending March 31,1997, relevant to the assessment year in question and, therefore, there was no question of utilising the said amount to reduce the cost of the assets as suggested by the Assessing Officer in his reasons - there was no question of escapement of income from the assessment - Further, the petitioner had not claimed any deduction under section 36(1)(iii) during the assessment year in question for the interest which was capitalized and, therefore, the question of disallowance did not arise. In the circumstances, we are not inclined to dismiss the petition.
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