Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2022 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 1254 - HC - Income TaxReopening of assessment u/s 147 - rectification proceedings and the various orders passed by Assessing Officer increasing or reducing the relief under Section 80HHC - HELD THAT:- As surprised to find that Tribunal has held that the assessee suppressed the material facts which was never the allegation in the reasons recorded for reopening. It is not clear as to on what basis the learned Tribunal came to such a conclusion. Tribunal has accepted the legal position that the assessment cannot be done on a mere change of opinion. As sought to justify the reassessment order on the ground that the certificate furnished by the Chartered Accountant the figure of loss was not shown, though the figure of the sale proceeds of the trading goods and the direct and indirect costs were shown - we find that the finding of the learned Tribunal that the assessing officer had no occasion to or did not examine the claim for deduction under Section 80HHC is thoroughly flawed and equally is the finding of tribunal that there was suppression of facts made by the assessee. As pointed out that not only once but twice proceedings under Section 154 of the Act was initiated and both the proceedings were on the very same issue as regards the entitlement of the assessee to claim deduction under Section 80HHC of the Act. Therefore, such finding of the learned tribunal was absolutely perverse. Tribunal also had held that no conscious opinion was formed by the assessing at the original assessment stage while allowing deduction u/s 80HHC and there was no exemption or deliberation. This finding appears to be no supported by any justifiable reasons but on a perusal of the assessment order it is definitely clear that the case was discussed with the assessee and thereafter taking into consideration the Chartered Accountant’s certificate the deduction as claimed was granted. In fact, there were two decisions of the learned Tribunal which were namely, International Research Park Laboratories Ltd. and A.M. Moosa which decisions would clearly support the stand and the conclusion arrived at the by the assessing officer while completing the scrutiny assessment under Section 143(3) of the Act vide order dated 3.3.1997. Thus, we find that Tribunal erroneously reversed the order passed by the CIT(A) who has considered the facts and circumstances and rightly applied the legal position. In the result, we find that the order of the learned Tribunal calls for interference. - Decided in favour of assessee.
|