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Hubtown Limited Versus Devireddy Swapna & Another

2015 (7) TMI 1129 - BOMBAY HIGH COURT

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 provide .....

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on to the Petitioner. Further, the other issue namely income on renting of property should be charged as business income is already dealt with in the Assessment Year. Thus, it prima facie, amounts to a change of opinion. The other objections are fact .....

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iraj 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, 19 .....

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A of the Act as it is not notified under the Industrial Park Scheme 2008; (b) Rental Income is not eligible for deduction under Section 80IA of the Act as it is not income derived from operating the park; (c) 10% reduction in stock is claimed and it .....

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o 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 .....

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1 for Assessment Year 2009-10 under Section 143(3) of the Act. Thus seeking to deny the same now would amount to change of opinion and cannot justify reopening; (c) The Petitioner had made no claim for reduction in stock in its return of income for t .....

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ection 80IA4 (iii) of the Act is proper; and (e) It was on satisfaction of all these conditions, the notifications were issued and the same has not been withdrawn. 6 The Assessing Officer disposed of the Petitioner's objections by an order dated .....

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l appearing for the Revenue emphasizes ground (a) in support of reopening notice and submits it is valid in view of Rule 18C of the Income Tax Rules (Rules). According to him, the Assessing Officer ought to have examined the applicability of 2008 Sch .....

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