Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Reopening under section 147 was held invalid where recomputation of depreciation would not alter the assessee's tax liability under the MAT regime. The infrastructure business was already entitled to full deduction on profits, and any higher depreciation rate would only reduce normal income without affecting the book profit taxed under section 115JB. Because the depreciation particulars were already disclosed in the original scrutiny assessment, the attempt to reopen on the same material amounted to a mere change of opinion. The notice and reassessment order were quashed for want of any escapement of income chargeable to tax.
Reopening under section 147 was held invalid where recomputation of depreciation would not alter the assessee's tax liability under the MAT regime. The infrastructure business was already entitled to full deduction on profits, and any higher depreciation rate would only reduce normal income without affecting the book profit taxed under section 115JB. Because the depreciation particulars were already disclosed in the original scrutiny assessment, the attempt to reopen on the same material amounted to a mere change of opinion. The notice and reassessment order were quashed for want of any escapement of income chargeable to tax.
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