9911796707
TMI Blog2008 (7) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... of appeals are as follows : The assessee, a manufacturing company, filed its return of income for the asst. yr. 1997-98 on 28th Nov., 1997 admitting a total income of Rs. 3,58,47,450 under normal method of computation and a sum of Rs. 6,17,98,693 under the provisions of s. 115JA. The return was processed under s. 143(1)(a) accepting the return of income. The assessment was completed under s. 143(3) on 27th March, 2000. Subsequently, the case was reopened under s. 147 of the IT Act by issuing notice under s. 148 on 27th Jan., 2003. The AO computed the income of the assessee on various heads and completed the assessment. While doing so, the AO rejected the claim of the assessee for deduction of interest amount in a sum of Rs. 378.06 lakhs on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs would come within the exception stated in the proviso to s. 147 of the IT Act, in the facts and circumstances of the case ?" 4. Heard the arguments of the learned counsel for the appellant and perused the materials placed on record. 5. On a reading of the order passed by the Tribunal, which is impugned in the appeals, we are of the view that we cannot find fault with the reasoning given by the Tribunal in non-suiting the Revenue for reopening the assessment. After extracting the relevant provision, viz., s. 147 of the IT Act and the proviso thereto, the Tribunal has recorded a clear finding to the effect that the assessee has truly and fairly disclosed the facts regarding interest vide item No. 3 in the note forming part of the return. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount are very much available before the AO while he was framing the original assessment, and after taking into consideration the claim on interest in respect of the abovesaid amount, the original assessment was framed. The subsequent reopening of the assessment is nothing but in our considered view also a mere change of opinion to follow the earlier year assessment order, which is not the reason for reopening of the assessment under s. 147 of the IT Act. Further, the reopening of the assessment cannot also be brought within the exemption stated therein for reopening after the period of four years. 8. Hence, the appeals are dismissed as no question of law, much less, a substantial question of law, has to be decided by this Court. No costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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