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2013 (8) TMI 743 - AT - Income TaxRe-opening of assessment u/s 147 of the Income Tax Act Late filing of return Held that:- There is no denial of the fact that assessee has taxable income and even admitted the same under provision of section 115JB. The return of income also was not filed in time and return filed was beyond time limits permitted so an invalid one. - as the assessee has not furnished return of income eventhough has taxable income, we uphold the proceedings under section 147. The grounds are rejected. - Decided against the assessee. Sale of depreciable asset - Benefit of Indexation - assessee claimed that the assessee has not claimed any depreciation from assessment year 2000-01 and so provision of section 50 are not applicable Held that:- contention of assessee not acceptable - Reliance has been placed upon the Hon'ble Kerala high Court in the case of CIT vs. Sakthi Metal Depot [2010 (1) TMI 659 - Kerala High Court] and Chhabria Trust vs. ACIT [2003 (5) TMI 479 - ITAT MUMBAI] - From the year 2000-01 assessee neither filed returns nor offered income under 'house property', so as to consider that asset was not used for business - , the contention of the assessee that asset was deemed to be 'capital asset' and not 'business asset' cannot be accepted. - Decided against the assessee. Interest u/s. 234B, 234C and 234D - Interest u/s. 234B, 234C and 234D cannot be levied as the assessee is a notified person and the provisions of the Special Court (Trial of offences relating to transactions in Securities) Act 1992 will prevail Held that:- Reliance has been placed upon the judgment in the case of CIT vs. Divine Holdings Pvt. Ltd. [2012 (4) TMI 100 - BOMBAY HIGH COURT] - levy of interest u/s. 234A, 234B and 234C is mandatory Decided against the Assessee.
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