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2019 (12) TMI 818 - AT - Income TaxValidity of the re-assessment framed u/s 147 - as argued initiated on the same set of documents which were available during the original assessment proceedings u/s143(3) - HELD THAT:- AO during the original assessment proceeding has questioned about the different components of core shipping activities and the turnover vide notice dated 1st September, 2008 under section 142(1) Assessee furnished the details of the excess provisions written back vide letter dated 10th October 2008 along with the submission that it is engaged fully in the business of shipping and no other business activity is carried on by it. The income has been offered to tax under tonnage scheme except the income from dividend and interest on deposits which was suo-moto treated as income from other sources. The copy of the letter is enclosed on pages 143 to 148 of the paper book. The assessee further vide letter dated 27th October, 2008 has also furnished the details of turnover for core shipping including the excess provision written back of ₹ 23.94 crores, sundry receipts of core shipping of ₹ 1111 lacs and sundry balance written back of ₹ 47 lacs. The copy of the letter is enclosed on pages 150 to 161 of the paper book. AO in the original assessment proceedings under section 143(3) of the Act has conducted enquiries about the items as mentioned in the reasons recorded issued under section 148 of the Act. Therefore, the reopening under section 147 of the Act based on the same set of documents examined during the original proceedings is not sustainable. - Decided in favour of assessee.
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