Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (9) TMI 334 - HC - Income TaxReopening of assessment - benefit of Section 80IB - Held that:- As the reasons in support do not satisfy the requirement of the proviso to Section 147 of the Act, the impugned notice is unsustainable. Therefore at this stage, we are not considering the second submission on the part of the Petitioner that this is a case of change of opinion and therefore without jurisdiction. As Respondent, states that on merits, the Petitioner was not entitled to the benefit of Section 80IB of the Act. This by itself would entitle the Respondent to issue a reopening notice. In support, he placed reliance on the decision of this court in support of Export Credit Guarantee Corporation of India Ltd. vs. Additional Commissioner of Income tax [2013 (1) TMI 517 - BOMBAY HIGH COURT] to contend that where a provision of law has been clearly overlooked or ignored in the assessment order, it would be open to the Assessing Officer to issue a reopening notice. This decision relied upon by the Respondent has been rendered in the context of assessment being reopened within a period of four years from the end of the relevant assessment years. In such cases of reopening of assessment in less than four years, the jurisdiction is not dependent upon failure to disclose fully and truly all material facts necessary for assessment as in this case, where the reopening is for a period beyond a period of four years from the end of the relevant assessment year. Thus we find absence of any failure to disclose all the material facts truly and fully which were necessary for assessment. Therefore, the impugned notice is prima facie without jurisdiction - Decided in favour of assessee
|