2014 (4) TMI 895

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.... Section 147 based on the subsequent decision of the Supreme Court is bad in law especially the claim of deduction u/s.80IB had wrongly been allowed? 2. Whether on the facts and in the circumstances of the case the Tribunal was right in quashing the assessment passed u/s.147 of the Act ?" 2. The assessee herein is engaged in the business of contracts for erection, commissioning and pressure die casting. We find from the records that the assessee filed its return for the assessment year 2001-02 on 31.10.2001, admitting total income of Rs.66,13,350/- after claiming deduction under Section 80IB of the Income Tax Act, 1961 (hereinafter called as the "Act") for the whole unit. An order of assessment was passed under Section 143(3) of the Act o....

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....ction 148 of the Act. The Assessing Officer placed reliance on the decision reported in (2007) 291 ITR 380 (SC) in the case of Commissioner of Income-Tax Vs. Shirke Construction Equipment Ltd., and thus passed the reassessment order. This was appealed by the assessee before the Commissioner of Income Tax (Appeals) contending that the assessee had produced all the materials necessary for granting the deduction under Section 80IB of the Act; hence, there was no failure on the part of the assessee to disclose the material facts truly and fully; that it was a mere review and a change of opinion that deduction granted was excessive; hence, the reopening of the assessment beyond four years was bad in law. The Commissioner of Income Tax (Appeals) ....