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2011 (5) TMI 608 - HC - Income TaxReopening of assessment - Deduction u/s 80(IB) - Book profit u/s 115JB - Held that:- It is clear from all the doubt that the petitioner assessee had made full and true disclosure of all material facts necessary for the assessment and there was no concealment. The fact that the petitioner had not submitted a separate profit & loss account or furnished/maintained separate accounts was known as without knowing these facts, the computation or quantification under section 80-IB was not possible. Inspite of knowing the full and true material facts, the Assessing Officer computed the said deduction in the original assessment proceedings. Thus, it cannot be said that the assessee had not disclosed fully and truly all the material facts necessary for the assessment. This is a case where the material facts were truly and fully disclosed by the assessee but as per the case of the Revenue, the Assessing Officer had made the assessment without considering the requirements of sub-section (13) to section 80-IB - thus reassessment proceedings are set aside - Decided in favour of the assessee
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