TMI Blog2013 (1) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... tion under Form-10 at the time he completes the assessment and in its absence it is not possible for the assessing authority to give benefit of such exclusion. Furthermore, once the assessment is so completed it would be futile to find fault with the assessing authority for having included such income in the assessable income of the assessee. Thus without the particulars of this income as given in Form-10, the assessing authority cannot entertain the claim of the assessee under section 11 and therefore, compliance with the requirement of the Act will have to be at any time before the assessment proceedings are completed. Any claim for giving the benefit of section 11 on the basis of information supplied subsequent to the completion of asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions. The applications are disposed of. ITA No.523/2012 ITA No.524/2012 ITA No.525/2012 ITA No.526/2012 These appeals were admitted for hearing by an order dated 04.09.2012 on the following substantial questions of law :- (i) Was the Tribunal correct in holding that the sum of Rs.9.80 crores, which accrued towards interest on Fixed Deposits, made by the Assessee (to secure the bank guarantee amount furnished to the State of Bihar) bear the character of income in the Assessee s hands for the relevant years under appeal? (ii) Was the Tribunal correct in rejecting the claim for accumulation of income on the ground that Form-10 had not been furnished along with the return but was filed during the course of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Therefore, in the course of re-assessment proceedings the assessee would not be entitled to furnish the said Form-10 to seek the benefit of Section 11 of the said Act. 4. On the other hand, the learned counsel for the assessee/appellant submitted that assessment included re-assessment as was evident from Section 2(8) of the said Act. Therefore, whether the assessment was an original assessment or as a part of a re-assessment, it would not make any difference and that the assessee would be entitled to file the said Form-10 in either of the two proceedings and the revenue would have to take the said form that into account. 5. Having considered the arguments advanced by the counsel for the parties on this aspect of the matter we feel th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned assessment because such requirement is mandatory and without the particulars of this income, the assessing authority cannot entertain the claim of the assessee under section 11 of the Act, therefore, compliance with the requirement of the Act will have to be any time before the assessment proceedings. Further, any claim for giving the benefit of section 11 on the basis of information supplied subsequent to the completion of assessment would mean that the assessment order will have to be reopened. In our opinion, the Act does not contemplate such re-opening of the assessment. In the case in hand it is evident from the records of the case that the respondent did not furnish the required information till after the assessments for the rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pened. The Supreme Court noticed that the Act did not contemplate such re-opening of the assessment. 6. The learned counsel for the revenue relied on this portion of the finding of the Supreme Court to contend that during re-assessment proceedings, the said Form-10 could not be furnished by an assessee. However, we have to keep in mind the fact that while reopening of an assessment cannot be asked for by the assessee on the ground that he had not furnished the Form-10 during the original assessment proceedings, this does not mean that when the revenue re-opens the assessment by invoking Section 147 of the said Act, the assessee would be remediless and would be barred from furnishing Form-10 during those assessment proceedings. Consequen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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