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2012 (8) TMI 461 - HC - Income TaxValidity of reopening of assessment u/s 148 beyond a period of 4 years - offshore supply contracts and offshore service contracts - Russian company - tax on offshore service contracts paid applying S44BBB however assessee contended that offshore supply contracts were not chargeable to tax in India - assessment reopened on ground that Section 44BBB refers to turnkey project and hence offshore supply contracts are subject to tax - AY 04-05 - Held that:- In the present case, the reasons recorded for reopening of the assessment by the notice dated 28/3/2011 itself records that the receipts on account of the four offshore supply contracts was treated as exempt in the assessment proceedings. Further, though the reasons record that the petitioner had not disclosed proper income in his return of income, it does not allege that there was any failure on the part of the petitioner to fully and truly disclose all material facts necessary for the assessment. This is particularly so as the four offshore supply contracts were the subject matter of consideration and were duly considered while passing the order dated 31/12/2008 under Section 143 r.w.s. 147. Therefore, the impugned notice u/s 148 is merely on account of change of opinion as no fresh tangible material was available with the AO to issue the impugned notice - Decided in favor of assessee
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