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2010 (6) TMI 55 - BOMBAY HIGH COURTIncome Escaping assessment – reopening of an assessment – notice u/s 147 - The assessee filed a return of income for assessment year 2002-2003 on 30 October 2002 declaring a loss of Rs.46.96 lakhs and computed tax under Section 115JB of Rs.1.94 crores. An order of assessment was passed on 7 March 2005 under Section 143(3). On 18 March 2009, the Assessing Officer issued a notice under Section 148. – project software and implementation services - AO claimed that The company has amortized Rs. 9,36,63,726/out of the amount of Rs.21,85,48,694/in the Accounts and also claim deduction of Rs.21,85,48,694/in computation of income while adding back the amortized amount. However, the said expenditure should have been treated as capital expenditure and the assessee has wrongly claimed the deduction towards such expenses. – Held that: that during the course of the assessment proceedings the assessee had made a full and true disclosure of all material facts in relation to the assessment. – notice was issued on the basis of assessment records - Revenue has failed to establish before the Court that there was a failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment for assessment year 2002-2003 – notice u/s 147 set aside.
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