New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (4) TMI 226 - UTTARAKHAND HIGH COURT

2015 (4) TMI 226 - UTTARAKHAND HIGH COURT - TMI - Reopening of assessment - Dolphin Drilling PTE Limited is not the owner of Belford Dolphin, in view of the document dated 04.05.2003, thus depreciation wrongly claimed - Held that:- Assessee has claimed depreciation of ₹ 3,05,73,40,212/- and declared loss of ₹ 99,30,56,370/-, during the course of the assessment proceedings of Assessment Year 2004-05, which was accepted by the Appellate Authority. Order further reveals that A.O. has es .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

me before the A.O. Accordingly, we do not find any infirmity in the order of C.I.T. (A) for allowing the claim of depreciation. Respectfully, following the above decision of Hon’ble I.T.A.T for earlier Assessment Year 2004-2005, I also hold that appellant has rightly declared the cost of acquisition of the drillship at U.S. $ 270 million as on 09.10.1993 and accordingly the depreciation should be allowed for the instant year. Since, question of ownership and depreciation thereon was accepted twi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hese points were assailed before the Appellate Authority i.e. Commissioner of Income Tax (Appeal)-1 by the Revenue. Further contention of Revenue was repealed and was not accepted by the Appellate Authority.Impugned notices for re-assessment are hereby quashed - Decided in favour of assessee. - WRIT PETITION No. 200 of 2011 (M/S) - Dated:- 3-4-2015 - Alok Singh J For the Appellant : Mr. P.R. Mullick For the Respondent : Mr. H.M. Bhatia Hon ble Alok Singh, J. (Oral) Petitioner assessee has filed .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of the document dated 04.05.2003 and secondly that, it has come to the notice that assessee while filing return of the income tax has not included the sum of ₹ 29,15,76,689/- in the receipt in P&L Account, therefore, assessee, in violation of provision, contained in Section 199 of the Income Tax Act, has claimed credit of T.D.S without offering the income for taxation. Section 147 of the Income Tax Act, 1961 reads as under: Income escaping assessment. - If the [Assessing Officer] [has .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

in this section and in sections 148 to 153 referred to as the relevant assessment year): Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return u .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssing Officer may assess or reassess such income, other than the income involving matters which are the subject matter of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.] Explanation 1 : Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso. Explanati .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssessment has been made and it is noticed by the Assessing Officer that the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return ; [(ba) where the assessee has failed to furnish a report in respect of any international transaction which he was so required under section 92E;] (c) where an assessment has been made, but - (i) income chargeable to tax has been under-assessed ; or (ii) such income has been assessed at too low a rate ; or (iii .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

issue comes to his notice subsequently in the course of the proceedings under this section, notwithstanding that the reasons for such issue have not been included in the reasons recorded under sub-section (2) of section 148.] [Explanation 4.-For the removal of doubts, it is hereby clarified that the provisions of this section, as amended, by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.] As per second proviso of Sectio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

06 vide Assessment Order dated 26.12.2008, which was assailed before the Commissioner of Income Tax (Appeal)-1, Dehradun in Appeal No. 314, as per Section 45 of the Income Tax Act. Appeal was decided by the Commissioner of Income Tax (Appeal)-1 vide judgment dated 16.02.2010, Annexure No.3 to the writ petition. The perusal of the order passed by the Appellate Authority would reveal that assessee has claimed depreciation of ₹ 3,05,73,40,212/- and declared loss of ₹ 99,30,56,370/-, dur .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version