Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 1023 - HC - Income TaxReopening of assessment - excessive brought forward losses for the assessment year in question - no order has been passed by the assessing authority to rectify return proceedings under Section 143(1)/154 of the Act while accepting the claim of the assessee by brought forward losses - Held that:- In the instant case, the return of the assess claiming unabsorbed losses of earlier years was allowed by the assessing officer, however subsequently the assessing authority has initiated the re-assessment proceedings under Section 147 as no order has been passed by the assessing authority to rectify return proceedings under Section 143(1)/154 of the Act while accepting the claim of the assessee by brought forward losses of earlier years. The ITAT has noticed that the reasons stated by the assessing officer in the notice issued under Section 154/254 and in the notice issued under Section 148 of the Act are not same. After detailed discussion the Tribunal had reached at the conclusion that the notice issued under Section 148 of the Act is in accordance with law as the assessing officer had reason to believe that the income liable to tax had escaped assessment by allowing the assessee the excessive brought forward losses for the assessment year in question. Even no submission has been made by the authorised representative of the assessee with regard to other grounds that is with regard to non-issuance of notice under Section 143(2) of the Act or non-receiving of the notice by the assessee. The findings of fact therefore, recorded by the Tribunal are clearly need no interpretation by this Court. The Tribunal has dealt with the issue after due consideration of the material and record and has passed a reasoned speaking order, which needs no interference by this Court, hence the appeal filed by the appellant has no force, accordingly the same is dismissed.
|