2012 (9) TMI 609

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.... Rs. 22,53,340. The case of the petitioner came to be selected for scrutiny assessment and assessment came to be framed at a total of Rs. 42,34,053 under section 143(3) of the Act. Against the additions and disallowance made in the said assessment order, the petitioner went in appeal before the Commissioner of Income-tax (Appeals), but failed. The petitioner preferred a second appeal against the said dismissal order before the Income-tax Appellate Tribunal which was pending at the relevant time.   3. Subsequently, by the impugned notice dated March 21, 2003, the assessment of the petitioner for the assessment year 1996-97 is sought to be reopened.   4. Mr. S. N. Soparkar, senior advocate, learned counsel for the petitioner submi....

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....(15)(iv) of the Act by introducing Explanation 2 thereto whereby, it has been declared that usance interest payable outside India by an undertaking engaged in the business of ship-breaking in respect of purchase of a ship from outside India shall be deemed to be the interest payable on a debt incurred in a foreign country in respect of the purchase outside India with retrospective effect from April 1, 1962. Thus, the very ground on which the assessment is sought to be reopened no longer survives.   5. On the other hand, Mr. M. R. Bhatt, senior advocate, learned counsel appearing on behalf of the respondents opposed the application by reiterating the stand taken by the respondent in the reasons recorded for reopening the assessment. &n....