TMI Blog2016 (10) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... o deny permission for reassessment under Section 29(7)? - Held that: - the decision in the case of ALA Firm Versus Commissioner of Income-Tax [1991 (2) TMI 1 - SUPREME Court] is relied upon, where it was held that If a conscious application of mind is made to the relevant facts and material available or existing at the relevant point of time while making the assessment and again a different or divergent view is reached, it would tantamount to "change of opinion". If an assessing authority forms an opinion during the original assessment proceedings on the basis of material facts and subsequently finds it to be erroneous; it is not a valid reason under the law for reassessment. Entire material which is now being taken into consideration fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 4-A of U.P. Trade Tax Act, 1948 (hereinafter referred to as U.P. Act, 1948 ) for tax exemption for a period of ten years from 15.04.1999 to 14.04.1999 for ₹ 107,58,99,224/-. Subsequently, the Eligibility Certificate was modified by competent authority vide order dated 16.04.2002 allowing period of exemption for 15 years with effect from 15.04.1999 or for 200 per cent of ₹ 69,02,08,824/- whichever is earlier. It was again modified on 22.01.2005 for 200 per cent of ₹ 102,81,86,685/-. 4. U.P. Act, 1948 was abolished on 31.12.2007 and U.P. Value Added Tax Act, 2008 (hereinafter referred to as Act, 2008 ) came into force with effect from 01.01.2008. Under Section 42 of Act, 2008 benefit of exemption was allowed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said that for the purpose of deducting amount of refund, it should have been computed by adding tax deposited by Assessee and input tax credit which he has received but the same was not done, therefore, it has been allowed exemption wrongly and it is a case of escaped assessment. 6. It is contended that Rule 70(9) relied by respondent-2 has been substituted on 28.02.2010 by U.P. Value Added Tax (Second Amendment) Rules, 2010 published in the Notification dated 04.02.2010, therefore, could not have been applied for assessment in question which is for the year 2008-09. It is further submitted that in any case, it is a case of change of opinion and therefore reassessment under Section 29(7) is not permissible. 7. Sri C.B. Tripathi, learn ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
