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2012 (12) TMI 80 - HC - Income TaxExcess claim of Deduction u/s 80HHC - Reopening of Assessment - held that:- if the Assessing Officer has reason to believe that income has escaped assessment it confers jurisdiction on the Assessing Officer to reopen the assessment. Thus, the case herein is covered by the main provision and not the proviso. - So long as the ingredients of Sec 147 are fulfilled, the Assessing Officer is free to initiate proceeding u/s 147 and failure to take steps under Section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation u/s 143(1) had been issued - it is seen that prima facie adjustments were made under Section 143(1-A) of the Act on a debatable issue, which was subsequently set aside by the Commissioner and thereafter there being no regular assessment rightly, the Officer assumed jurisdiction under Section 147 of the Act as a case of an escaped assessment for making the original assessment under Section 147 of the Act - Decided in favor of revenue. Decision in Assistant Commissioner of Income-Tax Versus Rajesh Jhaveri Stock Brokers P. Limited [2007 (5) TMI 197 - SUPREME COURT]followed.
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