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2017 (12) TMI 251 - HC - Income TaxReopening of assessment u/s 148 - Petitioner, being a non-resident company, filed the return of income u/s 44BB(1) - as per revenue income earned by the assessee was covered u/s 9(1)(vi) and not u/s 44BB - Held that:- The income of the assessee was to be taxed at the rate of 10% instead 4.23 % of the gross revenue. The objections raised by the petitioner have been duly considered by the respondent no.3. It is not the case of mere change of opinion, as argued by Mr. P.R. Mullick, Advocate for the petitioner. It is a case based on surfacing of ‘tangible evidence’. The Assessing Officer has not taken any conscious decision on the facts. The Assessing Officer has not applied his mind whether the petitioner was to be taxed u/s 9(1)(vi) of the Act at all for providing of rental of fishing tools/equipments etc. Section 292(B) of the Act was not applicable in the present case. Moreover, Section 292(B) only provides for the return of income to be invalid by reason of any mistake defect or omission in such return of income. Thus, according to the reasons assigned, there was tangible material for formation of belief by the Assessing Officer to reopen the assessment. It is in these circumstances, the notice u/s 148 of the Act was issued to the petitioner company. The objections raised by the petitioner company to the reasons assigned for reopening of case have been discussed in length by the respondent no.1. The Assessing Officer is required to consider all possible angles of controversy. In the instant case, the tax has escaped assessment on account of failure of assessee to disclose true facts before the authority concerned. Not the change of opinion but the reassessment has been ordered on the basis of the tangible material placed on record necessitating the reassessment. Sufficient reasons have been assigned for reopening of the assessment. The objections raised by the petitioner company have been specifically dealt with by the respondent no.3. Impugned order passed by the respondent no.3 is detailed and reasoned - Decided in favour of revenue
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