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2012 (12) TMI 257 - HC - Income TaxReassessment Proceedings - Fee for Technical Services u/s 44D r.w.s. 115A - reason - change of opinion. AY 2004-05 and 2004-06 - held that:- Assessing Officer in the original proceedings had examined and was aware of the two agreements. He was also aware that Quest had received payments from NHAI and that these were not included in the taxable income or receipts of the income. He was also aware that the petitioner‘s income was taxed on the gross receipt basis under Section 115J. There was no lapse or fault on the part of the assessee. Full facts were on record and the Assessing Officer accepted the returns. If at all, there was a lapse on the part of the Assessing Officer to understand the legal position. At best, the case of the Revenue can be that the Assessing Officer had wrongly applied, and did not appreciate the legal position. This cannot be a ground to reopen finalised regular assessments for the said years. - Reassessment proceedings for the assessment years 2004-05 and 2005-06 quashed. AY 2002-03 and 2003-04 - held that:- For the assessment years 2002-03 and 2003-04, the agreement between the petitioner-assessee and Quest is not in the assessment records. - the petitioner had denied any contract or business relationship between them and Quest. This is in spite of the fact that they had an agreement, and it is an accepted and admitted position that they had entered into an agreement with Quest dated 1st February, 2001. The aforesaid fact was clearly concealed, and incorrect factual information was circulated to the Assessing Officer. - Reassessment proceedings for the assessment years 2002-03 and 2003-04 sustained.
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