Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (3) TMI 220 - HC - Income TaxReopening of assessment – Validity of Notice u/s 148 of the Act – Held that:- There has been a full and true disclosure of all relevant material necessary by the petitioner for the purpose of assessment - as the assessment sought to be reopened i.e assessment year 2008-09 by a notice dated 25 March 2013 is less than 4 years from the end of the assessment year - there was no occasion for the Assessing Officer to apply his mind to the tangible material to form any opinion with regard to it during the original assessment proceeding – Relying upon Export Credit Guarantee Corporation India Ltd. vs. Additional CIT [2013 (1) TMI 517 - BOMBAY HIGH COURT] - reopening of an assessment is permissible when the original assessment order passed under Section 143(3) of the Act is silent in respect of the issue/point on which reassessment notice is issued - Non receipt of convertible foreign exchange within a period of 6 months from the end of the assessment year was not the subject matter of consideration nor the fact that the petitioner had declared its book profits after reducing the amount of deductions under Section 10AA of the Act during the original proceedings. It is permissible for the Assessing Officer to have a reasonable belief that income chargeable to tax has escaped assessment and the same does not stem from a change of opinion - only a prima facie view of the AO is necessary to issue notices and not a cast iron case of escapement of income – thus, no fault can be found with the notice dated 25 March 2013 issued under Section 148 of the Act – thus, there is no reason to interfere in the notice – Decided against Assessee.
|