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NATIONAL DAIRY DEVELOPMENT BOARD Versus DEPUTY COMMISSIONER OF INCOME TAX

2016 (7) TMI 937 - GUJARAT HIGH COURT

Reopening of assessment - MAT applicability - Held that:- Even as per the Assessing Officer, presently there is no escapement of income chargeable to tax. If we put the reasons cited by the Assessing Officer in simple terms, his case is that by making some additions and disallowances in the order of assessment, the assessee has been taxed. As per the income so computed, the provision for Minimum Alternative Tax would not apply. However, the assessee has challenged such additions and disallowance .....

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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 be applied as a consequence of the appellate order or by way of giving effect to the order in appeal. To this, even lear .....

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NOURABLE MR.JUSTICE AKIL KURESHI) 1. Petitioner has challenged a notice for reopening dated 26.03.2015 issued by the respondent Assessing Officer seeking to reopen the petitioner's assessment for the assessment year 2010-11. 2. Petitioner is National Dairy Development Board. For the said assessment year, the petitioner's return was taken in scrutiny by the Assessing Officer, upon which, order of assessment under section 143(3) of the Income Tax Act, 1961 ('the Act' for short) was .....

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rred 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 on leased assets as discussed above Rs.36894820 Add: On account of addition of interest income on NKDP funds as discussed a .....

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ook profit, such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income tax at the rate of ten percent. (2) every assessee, being a company, shall for the purpose of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of part (ii) and (iii) of schedule VI to the Companies Act, 1956 (4) every company to which this section applies, shall .....

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he 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 provisions of section 2(17) read with clause (ia) of secti .....

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86,51,1260/- as under: 15% of ₹ 46,27,90,000/- = Rs.6,94,18,500/- Add: SC @ 10%+EC@3% Rs.92,32,660/- Total MAT: Rs.7,86,51,160/- It was further noticed that income on normal provision of the Act was assessed at ₹ 44,29,53,080/- on which tax liability is computed at ₹ 19,09,84,370/- which is more than the tax liability under the MAT. As such, at present there is no any short levy of tax. However, it was noticed that every addition of the assessment order has been challenged in a .....

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t 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 charge .....

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