Tax Management India. Com
                        Law and Practice: A Digital eBook ...

Category of Documents

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Manuals SMS News Articles
Highlights
D. Forum
What's New

Share:      

        Home        
 

TMI Blog

Home List
← Previous Next →

2018 (10) TMI 716

er years on the premise that the loss return filed by the assessee was not within the time prescribed under Section 139(1) - Held that:- In the original assessment, the AO determined total income at Nil and did not allow carry forward of loss computed at ₹ 382.09 crore. It is a matter of record that pursuant to the revisionary order, the Assessing Officer again took up the assessment under Section 143(3)/147 read with section 263 of the Act and passed a fresh assessment order on 27.12.2017 determining the total income at Rs. Nil and did not allow carry forward of loss of ₹ 455.99 crore. - This shows that the income originally determined by the Assessing Officer at Nil remained the same even after giving effect to the order .....

X X X X X X X

Full Text of the Document

X X X X X X X

13. 2.1. Briefly stated the factual matrix of the case is that the assessee did not furnish return of income within the time allowed under Section 139(1) of the Act. Notice was issued under Section 142(1), requiring the assessee to file return. Thereafter, the assessee furnished return on 10.11.2014 declaring business income of ₹ 20,64,84,209/-, which was claimed as exempt income under Section 10(20) of the Act. The Assessing Officer held that the assessee was not entitled to exemption under Section 10 of the Act. During the course of assessment proceedings, it was noticed that the assessee claimed deduction on account of reserve for future development; reserve for special projects; reserve for greens; and reserve for urban renewal an .....

X X X X X X X

Full Text of the Document

X X X X X X X

ore the Tribunal against the revisionary order. 3. We have heard the rival submission and perused the relevant record. Section 263 of the Act empowers the CIT to revise an assessment order which is erroneous and prejudicial to the interest of Revenue. Twin conditions set out in the section, viz, the assessment order, being, erroneous and prejudicial to the interest of the Revenue, must co-exist so as to clothe CIT with the revisionary power. It is the trite law that if only one of the conditions is fulfilled in a particular case, it goes out of the purview of the revision. 4. It is an admitted position that the claim of the assessee for its entitlement to exemption u/s 10(20) of the Act has been eventually jettisoned. It is seen that the as .....

X X X X X X X

Full Text of the Document

X X X X X X X

e the order erroneous, are tax neutral. In the circumstances as are instantly obtaining, variation in the amount of loss, without allowing any carry forward to subsequent year(s) for set off, is in no way prejudicial to the interest of the Revenue. Since the original assessment order in the instant case satisfies, at the most, the first condition under Section 263 of the Act, being erroneous from the stand point of the ld. CIT, it fails to satisfy the second condition of being, prejudicial to the interest of the Revenue. In such circumstances, the exercise of revisionary power gets vitiated because of cumulative non-fulfilment of the statutory conditions stipulated in the provision. Ergo, we set aside the impugned order. 6. In the result, t .....

X X X X X X X

Full Text of the Document

X X X X X X X

 

 

← Previous Next →

 

 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Blog || Site Map - Recent || Site Map ||