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TMI Blog2017 (2) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of the same by this common order. 2. Sh. T. Banusekar, the Ld. representative for the assessee, submitted that for the assessment years 2002-03 and 2003-04, the assessee is challenging the reopening of assessments made under Section 147 of the Income-tax Act, 1961 (in short 'the Act'). However, for the assessment year 2004-05, the assessee is challenging the impugned order on merit. 3. Referring to assessment years 2002-03 and 2003-04, the Ld. representative for the assessee submitted that the assessments were reopened beyond the period of limitation. According to the Ld. representative, the original assessments were completed under Section 143(3) of the Act on 31.03.2003. When the Revenue challenged the order of the CIT(Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. (supra), according to the Ld. representative, the assessments reopened after expiry of four years from the end of the relevant assessment year, especially, when there was no negligence on the part of the assessee in furnishing the particulars required for completion of assessment, are barred by limitation. The Ld. representative has also placed reliance on the judgment of Madras High Court in Goldmine Investments v. DCIT (2010) 237 CTR 196. 5. On the contrary, Shri V. Nandakumar, the Ld. Departmental Representative, submitted that the assessment for the assessment year 2004-05 was completed by the Assessing Officer by an order dated 29.12.2006. The assessee carried the matter before the CIT(Appeals). The CIT(Appeals) found that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial available on record. When the appeal of the Revenue was considered by this Tribunal, this Tribunal by an order dated 11.10.2012, found that spreading of unaccounted investments over the period of construction of the property was not beyond the powers of the CIT(Appeals). Accordingly, the matter was remitted back to the file of the Assessing Officer for reconsideration in accordance with law. There is no specific direction from this Tribunal for reopening the assessments for assessment year 2002-03 and 2003-04. Moreover, the appeals for the assessment years 2002-03 and 2003-04 were not available before this Tribunal when the appeal of the Revenue for assessment year 2004-05 was disposed of. In the absence of records relating to assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irection, in my humble opinion, the Hon'ble Madras High Court, in the case of M/s Goldmine Investments (supra), has considered an identical issue wherein it was held that in respect of any assessment year wherein further proceedings are barred by limitation, the same cannot be reopened merely by virtue of an opinion expressed by any higher forum at a later date i.e. subsequent to the date of limitation period. In fact, the judgments of the Apex Court are also on the same lines. Having regard to the circumstances of the case, I am of the view that the reopening of assessment is bad in law since the proceedings u/s 148 of the Act are sought to be initiated by issuing a 59 I.T.A. No.992/Mds/15 notice after the period of limitation. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Central PWD rate. State PWD rate may not be relevant for the purpose of computing the cost of construction. Therefore, according to the Ld. D.R., the Assessing Officer has rightly found that Central PWD rate has to be adopted. 10. We have considered the rival submissions on either side and perused the relevant material available on record. State Government has prescribed a rate for construction of building in the State. Central Government has also prescribed rate for construction of building. When there was a variation in the cost of construction between the State PWD and Central PWD, this Tribunal is of the considered opinion that the State PWD rate would be more relevant rather than Central PWD rate. The Central PWD rate might have been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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