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2013 (12) TMI 1043 - ITAT CHENNAIProceedings u/s 147 – Held that:- The notice was issued beyond the period of four years from the relevant assessment year - The notice does not state that the escapement of income chargeable to tax was by result of the failure on the part of the assessee to make a return u/s 139 or in response to a notice issued under sub-section (1) of section 142 or 148 or to disclose fully and truly all material facts necessary for its assessment for that assessment year - The proceedings u/s 147 read with reference to notice u/s 148 dated 31.12.2011 was clearly invalid – Decided against Revenue. Depreciation on windmills at higher rate – Held that:- Following M/s. K.K.S.K. Leather Processors (P) Ltd [2009 (11) TMI 556 - ITAT MADRAS-D] - Even if option is not exercised within the stipulated time as per second proviso to rule 5(1A), the same cannot have a serious consequence of total denial of the claim of the assessee - When there is no prescribed procedure or mode of exercising option prescribed in the Rules, then the option exercised by the assessee by way of making a claim in the return of income along with the audit report is definitely more than the requirement of the second proviso - The requirement of second proviso to rule 5(1A) is satisfied if the option is exercised before the expiry of due date of filing of return of income under section 139(1) – Decided against Revenue.
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