Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 1399 - HC - Income TaxReopening of assessment u/s 147 - inadequate disclosure for the deduction claimed u/s 80IB(10) - HELD THAT:- As evident from a reading of the language of the 1st proviso to Section 147 as per which no action shall be taken after the expiry of 4 years from the end of the relevant assessment year, unless income chargeable to tax has escaped assessment for such assessment year by reason of failure on the part of the assessee to make a return u/s 139 or in response to a notice issued under subsection (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for those assessment, for that assessment year. It is incumbent on the respondent to pass appropriate order terms of the 1st proviso to Section 147. Mere retrospective amendment to Section 80 IB of the Income Tax Act, 1961 is of relevance. Since the dispute pertains to the assessment year 2004-05, the respondent is requested to pass appropriate orders within a period of three months from date of receipt of a copy of this order. While passing such order, liberty is also given to the respondent to proceed on any other grounds, other than the ground on which the subject notice under Section 148 of the Income Tax Act, 1961 was issued in terms of Explanation 3 to Section 147 of the Income Tax Act, 1961.
|