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The Commissioner of Income Tax-2 Versus Dena Bank

2016 (10) TMI 170 - BOMBAY HIGH COURT

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 applicable to the Respondent Assessee and yet i .....

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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 the facts and in the circumstance of the case .....

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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 profit u/s. 115JB of the Income Tax Act, 1961 in t .....

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on. 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 provisions of the Act. 4. On 6th October,2010, a not .....

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ears 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 with Section 147 of the Act, rejecting the Pe .....

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h 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 reopening notice being beyond a period of four years f .....

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