TaxTMI 
TaxTMI 
2013 (7) TMI 544
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....rutiny. At the request of the petitioner, the Assessing Officer also supplied reasons recorded for issuing such notice. Such reasons read as under: "In the assessee's case, the wind mill was commissioned in A.Y. 2002-03 and the assessee company started claiming deduction u/s. 80IA from A.Y. 2004-05. As per specific provisions of section 80IA(5), profit from eligible business for the purpose of determination for quantum of deduction u/s. 80IA be computed as if such eligible business was the only source of income of the assessee during the previous year relevant to initial assessment year and to every subsequent assessment year upto and including the assessment year for which the determination is to be made. Thus, be....
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....deduction claimed u/s. 80IA of Rs. 1,41,93,759/-?" 2. Petitioner thereupon raised objections to the notice for reopening under a communication dated 29.10.2012. Such objections were, however, rejected by an order dated 28.01.2013. The petitioner has, therefore, approached this Court in the present petition. 3. From the reasons recorded by the Assessing Officer for issuing notice for reopening, we gather that his objection was to the effect that the assessee had commissioned a windmill in the year 2002-03 and had started claiming deduction under Section 80IA of the Act w.e.f. assessment year 2004-05. Such deduction was required to be computed as if the eligible business was the only source of income of the assessee during the previous year....
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.... assessment. The notice for reopening having been issued beyond the period of 4 years from the end of relevant assessment year, this issue would be crucial. 2. In the scrutiny assessment, the Assessing Officer had examined the claim of the assessee for deduction under Section 80IA of the Act and raised various queries. Detailed replies were given by the petitioner; only thereupon the claim was accepted and in the final order of assessment, no disallowance was made under this head. 5. Counsel also contended that the issue itself has been decided in favour of the assessee by various decisions particularly by that of the Madras High Court in case of CIT v. Emerald Jewel Industry (P.) Ltd. [2011] 53 DTR 262. 6. On th....
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....cessary for assessment, could be stated to have been satisfied. 8. In this context, we may recall that no such allegations have been made in the reasons recorded by the Assessing Officer. Secondly, the reasons itself record that "on verification of the case records, it is also observed that ...". 9. Thus, the observations of the Assessing Officer found in the reasons recorded are based on the assessment records of the year under consideration. It is not even the case for the Revenue that full details pertaining to the assessee's claim for deduction under Section 80IA were not furnished. It is not in dispute that the petitioner along with the return filed statutory declarations including the audited accounts. The ....