1989 (11) TMI 30

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... essee), the Income-tax Appellate Tribunal has referred the following two questions of law for the decision of this court : " ( 1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in holding that the Income-tax Officer was right in law in reopening the assessment under section 147(b) and in withdrawing the relief under section 80J computed and .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... . 5,70,419. The assessment for the year 1973-74 was reopened as the audit note alerted the Income-tax Officer that, in the original assessment made on January 20, 1975, the assessing authority had wrongly carried forward a sum of Rs. 5,70,419 which was done in violation of the provisions contained in the first proviso to sub-section (3) of section 80J. The Income-tax Officer reopened the assessmen .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the proviso to section 80J(3) will show that in no case shall the deficiency of the relief under section 80J or any part thereof be carried forward beyond the 7th assessment year. In this view, the Income-tax Officer was held to be right in giving priority and in setting off the development rebate and depreciation allowance and also in withdrawing the carry forward relief under section 80J origina .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... der section 80J originally granted for the assessment year 1973-74. The Appellate Tribunal also held that, on the facts, it is evident that the audit objection only drew the attention of the Income-tax Officer and it did not amount to an expression of opinion by the audit and, in this view, the reassessment is to be sustained. The above finding of fact by the Appellate Tribunal is not challenged. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... o. 1 in the affirmative, against the assessee and in favour of the Revenue. We answer question No. 2 also in the affirmative, against the assessee and in favour of the Revenue. The reference is disposed of as above. A copy of this judgment under the seal of this court and the signature of the Registrar will be forwarded to the Income-tax Appellate Tribunal, Cochin Bench.
Case laws, Decisions, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X