9911796707
TMI Blog2019 (12) TMI 624X X X X Extracts X X X X X X X X Extracts X X X X ..... Special Range - 4, Bangalore. 2. Brief facts of the case are as follows: That the original assessment was completed under Section 143(3) of the Income Tax Act, 1961 (for short 'the Act') on 30.09.1994. The Assessing Officer after making a detailed inquiry, accepted the return of Rs. 39,17,534/-, and the loss which was on account of unabsorbed depreciation which was allowed to be carried forward. Subsequently, on 30.04.1997, notice was issued under Section 148 of the Act for re-opening of assessment which was passed in the case of the respondent while reframing the assessment. In the course of re- assessment proceedings, the Assessing Officer disallowed the depreciation and other expenses in respect of running of a boiler and turbi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties. 4. This court admitted the appeal on the following substantial questions of law : "i. Whether the Appellate Authorities were correct in holding that re-opening of assessments was barred by limitation in view of proviso to Section 147 of the Act as the assessee has disclosed the claim of depreciation in respect of boiler and turbine and other assets in the return filed by the assessee? ii. Whether the Appellate Authorities were correct in not taking into consideration Section 149 of the Act prescribing limitation as the assessee had failed to disclose that the said assets over which depreciation was claimed was not utilized in the course of its business as the same was being setup during the current assessment year and therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ier Assessing Officer, while framing original assessment on 30.09.1994. Thus, in terms of proviso to Section 147 of the Act, no action can be taken beyond the period of 4 years from the end of relevant assessment year, when the original assessment is completed under Section 143(3) of the Act. The proviso declares that where the original assessment was made under Section 143(3) of the Act, after scrutiny of the records, no action shall be taken after the expiry of 4 years from the end of relevant assessment year, unless the case attracts the exceptions provided by proviso to Section 147 of the Act. It is not the case of the Assessing Officer that material facts were either not disclosed or even after the same were sought for, were not furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
