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2011 (1) TMI 1105 - HC - Income TaxReopening of assessment - Excess depreciation - Held that:- Adding the said amount to the amount computed under the ordinary provisions of the Income-tax Act, the aggregate amount even as per the Assessing Officer comes to Rs. 4,05,930 which is less than the amount of tax paid by the petitioner on being assessed under section 115JB of the Act thus when the tax payable as per the reasons recorded is less than the tax paid by the petitioner under the assessment framed under section 143(3) of the Act, the question of any income having escaped assessment does not arise - The order recording reasons itself indicates that in fact no income has escaped assessment and as such there is no basis for the formation of belief that income has escaped assessment - Decided in favor of the assessee
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