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2016 (2) TMI 462 - AT - Income TaxReopening of assessment beyond the time allowed - period of limitation - whether the date on which the block assessment was framed, the AO could have taken action by issue of notice u/s.149(1)(b)(iii) - addition u/s.43B - Held that:- When by an order of the Tribunal, the income is excluded from the total income of the assessee for the block assessment, then the assessment of such income for the assessment year 1998-99 shall be deemed to be one made in consequence of, or to give effect to any finding or direction in that order (in appeal) for the purpose of lifting the ban of limitation under Explanation 2 to sec.153(3). In view of the above, in our opinion, the provisions of sec.150(1) are applicable. Thus, ground of the assessee in its appeal is dismissed. AR, as per the return of income, ₹ 13,29,74,324/- was disallowed u/s.43B, which includes a sum of ₹ 7,02,87,355/- and the same was disallowed in re-assessment and there cannot be any further disallowance in the reopened assessment. In our opinion, this argument of the ld. AR is having no merit. The assessment was not completed as per return of income filed by the assessee, whereas it is completed on the income admitted by the assessee on its own admission as the assessee has made various claim u/s.10B, 80IA etc. which appears to be merely to offset the excess income booked in the window dressed profit & loss account. The disallowances u/s.43B were taken care of while making own admission by the assessee that the income is ₹ 3 lakhs. Being so, the assessment was reopened to consider the disallowance of ₹ 7,02,87,355/- u/s.43B of the Act. In our opinion, the provisions of sec.43B are applicable on this amount and there is no dispute and the same to be added in the reassessment order, which is confirmed - Decided against assessee
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