Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (4) TMI 782 - AT - Income TaxReopening of assessment u/s 147 - validity of reasons to believe - payment of Excise Duty on deemed export sales - HELD THAT:- CIT(A) correctly relied on the Hon’ble Bombay High Court’s judgement in the case of Cartini India Ltd. [2009 (3) TMI 28 - BOMBAY HIGH COURT] where it is held that the audit note/observation cannot constitute the opinion of the Assessing Officer when it comes to the applicability of the provisions of section 148 of the Act qua the ‘reason to belief’. The CIT(A), as per discussion given in para 5 onwards quashed the validity of the reassessment proceedings and allowed the appeal of the assessee. Addition u/s 43B - Cenvat Credit and excise duty payment - HELD THAT:- The principle of consistency demands no addition is warranted on this issue of applicability of the provisions of section 43B of the Act in respect of the “ED receivable from the DGFT”. Whatever receivable from the DGFT, the amount is actually to be paid at the time of the purchases/imports. The appellant has only utilized the Cenvat credit for the payment of Excise duty and such the proposed action to disallow by applying the provisions of Section 43B is erroneous and the same is therefore directed to be deleted. - Decided against revenue.
|