2010 (10) TMI 494

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....ther order. 3. Heard Mr. J.P. Shah, learned counsel appearing with Mr. Manish J. Shah for the petitioner and Mr. Manish R. Bhatt, learned senior counsel appearing with Mrs. Mauna M. Bhatt, for the respondent. 4. It is the case of the petitioner that for assessment year 1995-96, the petitioner submitted a return claiming amongst others, deduction of depreciation of Rs. 10,00,00,000 in respect of high efficiency boiler costing Rs. 20,00,00,000 as it was installed in the latter half of the year at 100 per cent. During the course of assessment proceedings, the petitioner addressed a letter to the respondent dated 10th September, 1997 in reply to the notice issued under section 142 of the Act, on 26-8-1997, inter alia annexing thereto the ....

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....-1-1998, accepting the claim of depreciation of Rs. 10,00,00,000 in respect of a boiler purchased by the petitioner from Gujarat Electricity Board under the sale and Lease back Agreement. The respondent while passing the said order under section 143(1) recorded that total depreciation claimed of Rs. 10,09,97,023 and the return was processed under section 143(1)(a) without making any prima facie adjustment. 6. The respondent, thereafter issued notice under section 148 of the Act, on 9-2-2000 stating that he has reason to believe that income from business for assessment year 1995-96 has escaped assessment and he, therefore, proposes to reassess the income and recompute depreciation allowance. The petitioner filed the present petition, chal....

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....ears. He has further submitted that Audit report has come on record and thereafter the reassessment order was passed. He has, therefore, submitted that the Court should not interfere in the notice issued by the Assessing Officer for reopening of the assessment. 10. We have considered the submissions made by the learned counsel appearing for the parties and also gone through the materials produced on record. It is clear from the evidence available on record that the Assessing Officer while framing the assessment has applied his mind. He has called for the details vide his communications to which the reply along with necessary evidence was furnished. The Assessing Officer has accepted the claim of the petitioner while framing the assessmen....