2010 (11) TMI 64

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....2001-02 declaring total income at Rs. 40,41,670. In this return, the assessee had claimed dividend income of `,13,08,602 as exempt. The return was processed under Section 143(1) of the Income Tax Act (hereinafter referred to as „the Act‟) and accepted as filed vide orders dated 14.02.2003. The Assessing Officer (AO), after few years, i.e., vide notice dated 27.03.2008 reopened the asse....

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....wer the A.O. either to reassess under Section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under Section 154 for any assessment year beginning on or before the 1st April, 2001."  5. A bare perusal of the aforesaid provision clearly brings out the bar created by the said provision for reopening the asse....

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....nt out that the observations of the Supreme Court in the case of Rajesh Jhaveri Stock Brokers Pvt. Ltd. (supra) discussing the nature of assessment made under Section 143(1)(a) were in altogether another context. The Court was discussing the scope of the expression "reason to believe" under Section 147 and the validity of the notice under Section 147 of the Act was being examined, viz., as to whet....

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....ection 14A by the Legislature categorically providing that the Assessing Officer is not empowered to do reassessment under Section 147 for assessment period beginning on or before 01.04.2001. In these circumstances, the Court has to only examine as to whether the conditions stipulated in the proviso are fulfilled or not. When the matter is examined from this angle, it is clear that the conditio....