TMI Blog2011 (1) TMI 1105X X X X Extracts X X X X X X X X Extracts X X X X ..... fact no income has escaped assessment and as such there is no basis for the formation of belief that income has escaped assessment - Decided in favor of the assessee - 14139 of 2010 - - - Dated:- 24-1-2011 - HARSHA DEVANI MS., ANTANI H. B., JJ. JUDGMENT Ms. Harsha Devani J.- 1. Considering the controversy involved in the present case, which lies in a narrow compass, the matter is taken up for hearing and final disposal today. Rule. Mrs. Mauna Bhatt, learned standing counsel, waives service of rule on behalf of the respondent. 2. This petition under article 226 of the Constitution of India challenges the notice dated March 25, 2010, issued by the respondent under section 148 of the Income-tax Act, 1961 ("the Act"), reopeni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reopening of the assessment by issuance of notice under section 148 of the Act. 4. Mr. Deepak Shah, learned advocate appearing on behalf of the petitioner, has invited attention to the reasons recorded for reopening the assessment to point out that the sole ground for reopening the assessment is that income has escaped assessment as the petitioner has claimed excess depreciation of Rs. 8,59,944 in respect of the items enumerated therein which, according to the Assessing Officer, has resulted into underassessment of income to that extent. The learned advocate has submitted that the petitioner has been assessed under section 115JB of the Act and has paid a sum of Rs. 4,72,967 by way of tax on the income so assessed. Referring to the reas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... calculation made in the reasons recorded, in fact, no income has escaped assessment as the tax actually paid would still be more than the amount computed by the Assessing Officer for the purpose of reopening the assessment. 7. Having regard to the submissions advanced by the learned advocates for the respective parties and considering the reasons recorded, it is apparent that the assessee has been assessed under the provisions of section 115JB of the Act and has paid tax of Rs. 4,72,967 at the rate of 7.5 per cent. of Rs.63,06,232 as determined under the said section. According to the Assessing Officer, the income chargeable to tax that has escaped assessment by way of excess depreciation is Rs. 8,59,944. Adding the said amount to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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