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2010 (1) TMI 733 - AT - Income TaxRe-assessment - Assessee claimed interest pertaining capital work in progress as revenue expenditure - interest on borrowing was charged to Capital Work in Progress relating to the expansion of certain projects, amount being claimed as deduction u/s.36(1)(iii) of the Income Tax Act - And Administrative expenses incurred by the Engineering and Project Department at the Headquarters Office and the Refinery for the purpose of monitoring and supervision of the execution of the projects which was charged to capital work in progress as Establishment charges claimed as deduction from the computation of income - Held that:- Assessing Officer had properly applied his mind qua deductibility of interest and administrative expenses in the original assessment order passed u/s.143(3). In the absence of any further material coming to the possession of the Assessing Officer indicating the fallacy in the assessee's claim, the Assessing Officer could not have assumed jurisdiction u/s.147 to re-examine such deductions already allowed in the original assessment. reassessment done by the A.O. in this case was based on change of opinion, which is not sustainable in law, assessment order set aside.
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