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2015 (7) TMI 1129 - BOMBAY HIGH COURT

2015 (7) TMI 1129 - BOMBAY HIGH COURT - TMI - Reopening of assessment - whether Assessing Officer ought to have examined the applicability of 2008 Scheme to the Petitioner as required in terms of Rule 18C of Rules while passing assessment order? - Held that:- Rule 18C of the Rules itself provides that the same would apply only to undertaking established after April, 2006 and before March, 2011. In this case, admittedly, the Petitioner was established prior to April, 2006. Prima facie, it appears .....

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DAR, JJ. Mr. J. D. Mistri, Sr. Advocate, Mr. Niraj Sheth with Mr. A. K. Jasani, for the Petitioner Mr. Nirmal Mohanty, for the Respondent JUDGEMENT Heard. 2 RULE. 3 The challenge in this Petition is to the reopening notice dated 21st March, 2014 issued under Section 148 of the Income Tax Act, 1961 (the Act), seeking to reopen the Assessment for the A. Y. 2009-10. 4 The reasons in support of the reopening notice as furnished to the Petitioner in substance, are as under: (a) The Industrial Park do .....

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of certain terms and conditions, these have to be examined to ensure they are satisfied. 5 The Petitioner objected to the above reasons as under:( a) The Petitioner undertaking was notified as an Industrial Park under the Industrial Park Scheme 2002. Therefore, the Scheme of 2008 would have no application; (b) It was pointed out that the issue of income on renting of property should be considered as 'business income' was in fact subject matter of enquiry by the Assessing Officer while p .....

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