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2018 (6) TMI 1510 - AT - Income TaxReopening of assessment - assessee argued that the issuance of notice u/s.148 is not valid as the same was based on change of opinion - Held that:- In the instant case, no opinion was formed earlier by the Assessing Officer as no assessment was made and, therefore, it cannot be alleged that there was any change of opinion. We, therefore, do not find any merits in the arguments of the assessee. Accordingly, the cross objections filed by the assessee are dismissed. Computation of MAT - Addition on debenture redemption reserve fund - treatment as a known liability - AO added back the amount which was debited in the profit and loss account under the head “debenture redemption reserve fund” and computed the book profit u/s. 115JA - CIT-A deleted the addition - Held that:- D.R. could not point out any specific error in the order of the CIT(A), which was passed following the order of the Tribunal in the case of assessee itself for the assessment year 2003-04 wherein held that the amount set aside to redeem debentures must be treated as a known liability and cannot be considered to be a reserve. Further, it is clear that such amount set aside towards debentures redemption is not an unascertained liability. Ground of appeal is accordingly allowed Penalty u/s.271(1)(c) - write back of provision for contingencies of 24,60,00,000/- in computing' the Book Profits under Section 115JB - Held that:- Assessee had furnished all the details of its expenditure as well as Income In Its return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on Its part. It was up to did authorities to accept its claim in the return pinot. Merely because the assessee had claimed the expenditure, which claim not accepted or was not acceptable to the revenue, that, by itself, would not attract the penalty under section 271(1)(c). If the contention of the revenue was accepted, then in case of every return where the claim 'made was not accepted by the Assessing Officer for any reason, the assessee would invite penalty under section 271(1)(c), That is clearly not the Intendment of the Legislature - Decided against revenue
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