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2015 (12) TMI 1511 - GUJARAT HIGH COURT

2015 (12) TMI 1511 - GUJARAT HIGH COURT - TMI - MAT computation - Working of tax liability on book profit u/s.115JB - receipt of dividend income - Reopening of assessment - Held that:- In the computation of income presented by the petitioner along with the return of income, the petitioner had shown book profit as per Section 115JB of the Act of ₹ 4,23,47,912/-. This figure is significant and would appear in our later observations as well. In the profit and loss account, the petitioner show .....

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Thus for all purposes whether for the computation of income for normal tax provisions or as per the book profit under Section 115JB of the Act, the said amount of ₹ 15,458/- was duly reflected and was accounted for. The Assessing Officer formed wrong belief that for the purpose of computing book profit under Section 115JB of the Act, the said amount of ₹ 15,458/- disappeared from the consideration.Under the circumstances, notice of reopening being bad in law, is quashed. - .....

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er scrutiny under Section 143(3) of the Income Tax Act, 1961 ('the Act' for short). 2. The reasons recorded by the Assessing Officer for issuing such notice read as under: In this case, the return of income for the A.Y.2010-11 filed on 20.09.2010 declaring income Nil. Assessment u/s.143(3) of the Act was finalized determining the total income Nil. Later, on scrutiny of the records it came to the noticed that the Assessee has earned dividend income of ₹ 15,458/- and same has been ad .....

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such the dividend income of ₹ 15,458/- not considered for the working of tax liability on book profit u/s.115JB during the year under consideration is escaped income for the A.Y. 2010-11. In view of the above, I have reason to believe that the income chargeable to tax to the extent of ₹ 15,458/- has been assessed on account of failure on the part of the assessee to disclose fully and truly all material facts pertaining to the A.Y. 2010-11 and no opinion was formed in the original ass .....

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at the reasons lacked validity. He submitted that the ground on which the Assessing Officer has found the belief that the income charged under the tax assessment was simply baseless. 5. We have heard learned counsel, Ms.Bhatt, for the department. 6. From the reasons reproduced above, it can be seen that for the year under consideration petitioner had earned dividend income of ₹ 15,458/-. This income was not exempt from tax. The Assessing Officer also in the reasons has noted that petitione .....

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