TMI Blog2016 (7) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... or a company and therefore, the assessee would be covered under the MAT regime. In the original assessment, no computation of MAT was carried out. In short, the apprehension of the Assessing Officer is that if the appeal by the assessee in connection with the assessment order in question is allowed, there may arise the question of applying MAT formula. For various reasons, reopening of assessment cannot be permitted on such ground. Firstly even as per the Assessing Officer, presently there is no escapement of income chargeable to tax. Secondly, and equally importantly, if the assessee succeeds in appeal, by virtue of which, the normal tax computation comes to below the prescribed limit so as to kickin MAT provisions, the same can always ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditions/disallowances. Add: On account of disallowance of write back of provision as discussed above Rs.352231080 Add: On account of disallowance of amount transferred to Special Reserve as discussed above Rs.57774910 Add: On account of disallowance of perspective plan expenditure as discussed above Rs.5471000 Add: On account of disallowance of Depreciation on Rail Milk Tankers as discussed above Rs.1316443 Add: On account of disallowance u/s.14A r.w.r. 8D as discussed above Rs.23015007 Add: On account of disallowance of depreciation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther activities for the development of dairy and other agriculture based and allied industries through cooperative initiatives. It filed return of income for A.Y.2010-11 on 1/10/2010 declaring business loss of ₹ 39,92,593/- and long term capital loss of ₹ 9,88,901/- . Subsequently, the revised return of income was efiled on 30032012 declaring total business loss of ₹ 5,56,30,995/- and long term capital loss of ₹ 9,88,901/- . The same was assessed u/s 143(3) and business income was determined at ₹ 44,29,53,080/- vide order dt 30/10/2012. The assessee is a statutory body constituted under the National Dairy Development Board Act, 1987 and under the Income tax Act is assessed as company in view of the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the escapement of income, I am satisfied and have reason to believe that the income of the assessee for the A.Y.:2010-11 has escaped assessment within the meaning of section 147 of the Income Tax Act, 1961 in respect of the MAT liability of ₹ 7,86,51,160/- for the assessment year 2010-11. Thus, this is a fit case for initiation of proceeding u/s 147 of the Act. 3. The petitioner raised objections to the notice for reopening under communication dated 03.02.2016. Such objections were rejected by order dated 08.02.2016. 4. Having heard learned counsel for the parties and having perused reasons on record, it emerges that even as per the Assessing Officer, presently there is no escapement of income chargeable to tax. If we pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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