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2013 (2) TMI 475 - HC - Income TaxReassessment – Income assessed on reassessment cannot be less than the income originally assessed - Assessee is a plot owner society,received a sum as the TDR premium from its members - In the original return of income, the assessee had offered the TDR premium to tax after deducting the expenditure incurred by it - Notice issued under section 148 to show cause as to why the expenditure incurred for earning the TDR premium should not be disallowed – Held that:- As decided in Sun Engineering Works P. Ltd[1992 (9) TMI 1 - SUPREME COURT] the object and purpose of the proceedings under section 147 of the Act is for the benefit of the Revenue and not for the benefit of the assessee and, therefore, in the reassessment proceedings, the assesse be permitted to convert the reassessment proceedings as his appeal or revision in disguise - Since the decision of the Income-tax Appellate Tribunal is contrary to the aforesaid decision of the apex court, the impugned decision of the Income-tax Appellate Tribunal is quashed and set aside and the matter is restored to the file of the Income-tax Appellate Tribunal for fresh decision in accordance with law. TDR premium amount received by the assessee has been voluntarily offered to tax, the question of considering the taxability of that amount by applying the principle of mutuality in the reassessment proceedings does not arise at all - It is only the expenditure claimed to have been incurred by the assessee which is disallowed in the reassessment order that has to be considered by the Income-tax Appellate Tribunal – Appeal disposed of accordingly
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