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2016 (11) TMI 73 - DELHI HIGH COURT

2016 (11) TMI 73 - DELHI HIGH COURT - TMI - Validity of reopening of assessment - Held that:- It is evident from a plain reading of the reasons furnished by the revenue that there is no allusion to tangible material in the form of objective documents, information etc outside of the concluded assessment and the documents pertaining to it. According to the binding ruling of the Supreme Court in Commissioner of Income Tax vs. Kelvinator Ltd. [2010 (1) TMI 11 - SUPREME COURT OF INDIA], sans such doc .....

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o objective material, cannot in any way improve the case of the revenue much less its reference to otherwise binding judgments that could have been the basis of a valid revision by the revenue under Section 264. It goes without saying that statutory orders containing reasons are to be judged on the basis of what is apparent and not what is explained later, as the validity of those orders does not improve with time or on account of better explanations furnished in the course of legal proceeding .....

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Reasons for the belief that income has escaped assessment. The assessee company has claimed deduction u/s 801A on 30% of taxable income (Rs. 1,66,26,841). Taxable income includes income from services (Rs. 31,53,009/-) income from sale commission (Rs. 6,22,987/-) and interest on fixed deposits with bank (Rs. 24,746/-) apart from trading income, which is to be quantified. Deduction u/s 801A is only allowable on profits and gains derived from the industrial undertaking setup. Income from sales com .....

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commission and interest on fixed deposits empowers it to proceed under Section 147. It is submitted that in any event, the materials on record originally disclosed to the revenue at the time of completion of assessment, do not give the appropriate break up; more significantly the AO did not make diligent enquiries in that regard. It is urged that the two heads of Income sought to be passed off as deductions and clubbed with the receipts that are legitimately admissible under Section 80-IA, are .....

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