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2012 (7) TMI 661 - HC - Income TaxTo consider claims made in a revised return which was filed beyond time - the transaction of inter divisional transfer between one Unit and another is not by way of sale - Held that:- As the revision of the book results on the changed nature of transaction was itself on account of the objection raised by the Regional Director, Department of Company Affairs, thus contention of the Revenue is not acceptable that the revised results do not merit any consideration. Even if the revised return is treated as a time barred one, when once the assessment is made under Section 143(2) based on the materials gathered, the department cannot deny of considering the materials coming in the form of the Regional Director's direction and its effect on the account results. As the revised profit and loss account and balance sheet were approved by the shareholders in the annual general meeting to be treated as revised claim it cannot be read as an intention that the revision was done with a view to revise the liability of the assessee under the Act - no hesitation in remanding the matter back to the Assessing officer to examine the issue once again as regards the valuation - against revenue.
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