9911796707
TMI Blog2009 (8) TMI 221X X X X Extracts X X X X X X X X Extracts X X X X ..... for reassessment, after issuing notice under section 148 of the Act. 2. The main reason put forth by the Department was that the assessee has claimed deduction of excise duty on stock in bonded warehouse under section 43B of the Act from the excise duty on closing stock. Later on, the Department found that the said excise duty was not actually paid during the relevant year as the goods had not been cleared before the dose of the previous year and, therefore, the contention of the Department is that such a deduction could not be claimed for that assessment year and, therefore, the Assessing Officer disallowed the said deduction in the reassessment on the reopening of the case. It is pertinent to point out that such reassessment is beyond t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... failure to disclose fully and truly all material facts. The proviso is extracted below : "Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under subsection (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year." 7. Relying upon the aforesaid proviso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the period of four years from the end of respective assessment years, violating the proviso to section 147. The notices were not valid. (ii) That section 147 of the Act does not postulate conferment of power upon the Assessing Officer to initiate reassessment proceedings upon a mere change of opinion. The Assessing Officer proposed to reopen the assessment for the year 1994-95 purely based on the change of opinion, namely, the change in the method of accounting of overdue interest on cash or actual receipt basis, when the assessee was following the mercantile system of accounting. The reassessment proceedings were not valid." (ii) In the decision reported in the case of CIT v. Elgi Ultra Industries Ltd. [2008] 296 ITR 573 (Mad)), it is he ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
