TMI Blog2020 (1) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... ome by the petitioner would reveal that all material particulars in respect of the claim under Section 80IA were available on file. If at all the Officer was of the view that the materials had been incomplete or did not support the claim adequately, it was for the Authority to have taken action in that regard even at the first instance and not by way of re-assessment. It is also relevant to state that the reasons for re-assessment commence with the phrase 'upon an examination of the return of income and other enclosures' . Thus, the proceedings for re-assessment are initiated based wholly on the materials available on record only and this is an admitted position. Proceedings for re-assessment are barred by limitation. I draw support in this regard on a judgment of the Supreme Court in the case of Assistant Commissioner of Income Tax, Mumbai and Others Vs. ICICI Securities Primary Dealership Ltd [2012 (8) TMI 754 - SC ORDER] wherein, the Bench holds that the extended period of limitation cannot be availed by the Department when all primary particulars were, admittedly, available on file. Grant of depreciation on imported car, I find that this issue has not been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and was allowed by the Tribunal on 31.10.2007, granting benefit of deduction under Section 80IA on the current year profit to the petitioner. ix. This order has, admittedly, been affirmed by this Court and by the Supreme Court in the case of this very petitioner in Commissioner of Income Tax Vs. Mohan Breweries and Distilleries Ltd in Tax Case Appeal No.918 of 20018 and in Special Leave Petition (Civil) No.1729 of 2011 . x. An order giving effect to the order of the Tribunal was passed by the Assessing Officer on 04 . 03.2008. xi. A show cause notice dated 23.11.2009 was issued under Section 263 of the Act by the Commissioner of Income Tax seeking to revise the order of give effect, dated 04.03.2008. 4. The points on which revision was sought to be effected are: a. The petitioner had filed Form No.10CCC in terms of Rule 18BBE along with return of income Tax which is an incorrect form as per the prescription. The correct form to be filed is Form No. 10CCB. b. No separate books of accounts have been maintained in respect of unit claiming eligibility for deduction under Section 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose of the same by passing a speaking order. In the instant case, as the reasons have been disclosed in these proceedings, the assessing officer has to dispose of the objections, if filed, by passing a speaking Order before proceeding with the assessment in respect of the abovesaid five assessment years. 9. Overruling the objections, the Assessing Officer has passed the impugned order confirming that the jurisdiction assumed by him was proper, as against which, petitioner has filed the present writ petition. 10. The legal question raised for resolution is whether the impugned proceedings are barred by limitation. The provisions of Section 147 of the Act provide for a limitation of four years for initiation of proceedings for reassessment. A further period of two years is granted in those cases where the conditions stipulated in the proviso to Section 147 are satisfied. The relevant provision and the proviso thereto are extracted below: Income escaping assessment 147. If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he claim under Section 80IA were available on file. If at all the Officer was of the view that the materials had been incomplete or did not support the claim adequately, it was for the Authority to have taken action in that regard even at the first instance and not by way of re-assessment. It is also relevant to state that the reasons for re-assessment commence with the phrase 'upon an examination of the return of income and other enclosures' . Thus, the proceedings for re-assessment are initiated based wholly on the materials available on record only and this is an admitted position. 14. Revenue counsel relies on the judgment of the Supreme Court in the case of Calcutta Discount Co.Ltd. Vs. Income Tax Officer [41 ITR 191]. This judgment hardly supports the case of the Revenue in so far as the ratio therein is that a re-assessment would be legally tenable only if the assessee had failed to disclose primary and material particulars. In the present case, the primary and material particulars as far as deduction under Section 80IA are concerned, are admittedly, on record. 15. I am thus of the considered view that the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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