TMI Blog2011 (4) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... consent of the parties taken up for final hearing. 2. This writ petition is filed challenging the notice dated 24.3.2010 issued under Section 148 of the Income-Tax Act, 1961 seeking to reopen the assessment for AY 2003-2004. 3. Regular assessment for AY 2003-2004 under Section 143(3) was passed on 30.03.2006. By the impugned notice, the assessment for AY 2003-2004 is sought to be reopened by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Supreme Court in the case of Escorts Ltd. v/s. CIT 199 ITR 43 wherein the Hon ble Court has clearly held that a double deduction cannot be allowed unless and until specifically provided by the Act. In the instant case, the assessee trust is claiming the capital expenditure as application of income and also the depreciation on these capital assets which tantamounts to double deduction and henc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that such additions are not permissible in law. Moreover in the present case, the assessment is sought to be reopened beyond four years. There is nothing on record to suggest that there was any failure on the part of the assessee to disclose fully and truly material facts necessary for the purpose of assessment. In this view of the matter, in our opinion, the notice issued under section 148 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
