9911796707
TMI Blog2011 (11) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment year 2004-05, the petitioner-firm filed its return of income along with necessary documents. The Assessing Officer framed scrutiny assessment under section 143(3) of the Income Tax Act, 1961 (Act for short) on 20th February 2006 and granted deductions under section 80IB(10) of the Act as claimed by the petitioner. 4. By Finance Act 2 of 2009, certain changes were made in section 80IB(10) of the Act with retrospective effect from 1.4.2011. On 28.3.2011, the Assessing Officer issued the impugned notice seeking to reopen the assessment of the petitioner for the assessment year 2004-05. In the notice, he stated that he had reason to believe that income chargeable to tax for the assessment year has escaped assessment. He, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the petitioner submitted that the assessment which was previously framed after scrutiny is sought to be reopened beyond the period four years from the end of relevant assessment year. In the notice itself, it is suggested that income chargeable to tax has escaped assessment on account of explanation inserted in the statute with retrospective effect. The reasons recorded do not suggest that the petitioner had not disclosed truly and fully material facts for assessment. Counsel for the petitioner, therefore, submitted that reopening beyond four years from the end of relevant assessment year was wholly without jurisdiction. 8. Counsel pointed out that in the case of this very assessee in the previous year, when the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easons recorded indicates that there is not even a whisper as regards any failure on the part of the petitioner to disclose fully and truly all material facts, nor is it possible to infer any such failure from the reasons recorded. Merely because of the fact that the assessee had asserted that it is a developer in the returns filed by him, it cannot be said that there is any failure on the part of the petitioner to disclose fully and truly all material facts. At best, the petitioner has made a claim along with supporting documents, namely, development agreements for construction of housing projects, etc. and based upon the said documents, the Assessing Officer had formed an opinion and granted deduction under section 80-IB(10) of the Act. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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