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2016 (10) TMI 170 - BOMBAY HIGH COURT

2016 (10) TMI 170 - BOMBAY HIGH COURT - TMI - Reopening of assessment - applicability of Section 115JB on assessee - Held that:- As the reopening of notice itself has been held to be without jurisdiction on account of first proviso to Section 147 of the Act and as there was no failure on the part of the Respondent Assessee to disclose fully and truly all material facts necessary for Assessment. The reopening notice itself was issued by the Revenue on the basis that Section 115JB of the Act was a .....

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mpanies. - Income Tax Appeal No. 616 of 2014 - Dated:- 28-9-2016 - M. S. Sanklecha And S. C. Gupte, JJ. Mr. Suresh Kumar with Ms. Samiksha Kanani, for the Appellant ORDER P. C. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 13th September, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order relates to Assessment Year 2005-06. 2. The Revenue urges the following questions of law for our consideration: (a) Whether on .....

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assessee? (b) Whether on the facts and in the circumstance of the case, the Tribunal was correct in law, in holding that the assessee was not a company and provisions of section 15JB of the Income Tax Act, 1961 were not applicable to it,whereas as per the provisions of section 2(17) of the Income Tax Act, 1961 the status of the assessee was that of a Company and the provisions of section 115JB were applicable to all the companies and even the assessee itself had admitted taxability of book prof .....

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gh a revised return of income as held by the Hon. Apex Court in the case of Goetze India Ltd. (284 ITR 323)? Brief facts: 3. For the subject Assessment Year, the RespondentAssessee had filed its return of income, declaring a loss of ₹ 532 Crores under the normal provisions of the Act and ₹ 163 Crores under Section 115JB of the Act. On 28th December, 2007, an Assessment Order was passed under Section 143(3) of the Act, determining the loss of ₹ 178 Crores under the normal provis .....

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nd that the same was beyond a period of four years from the end of the relevant Assessment Year, without any allegation of failure on the part of the Respondent-Assessee to fully and truly disclose all material facts necessary for Assessment. Further, the Respondent-Assessee also contended that Section 115JB of the Act to compute book profits will not arise as it would have no application to Banking Companies. 6 On 10th December, 2010, the Assessing Officer passed an order under Section 143 read .....

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CIT(A) held that the reopening notice dated 6th October, 2010 is, without jurisdiction. This in view of it being issued beyond a period of four years from the end of the relevant Assessment Year without any allegation of failure to fully and truly disclose all material facts necessary for Assessment. Consequently, the order dated 10th December, 2010 was set aside. 8. The Revenue appealed to the Tribunal. The impugned order of the Tribunal upheld the order of the CIT(A). It held that the reopenin .....

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