TaxTMI 
TaxTMI 
2013 (1) TMI 317
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....of. ITA No.523/2012 ITA No.524/2012 ITA No.525/2012 ITA No.526/2012 These appeals were admitted for hearing by an order dated 04.09.2012 on the following substantial questions of law :- "(i) Was the Tribunal correct in holding that the sum of Rs.9.80 crores, which accrued towards interest on Fixed Deposits, made by the Assessee (to secure the bank guarantee amount furnished to the State of Bihar) bear the character of income in the Assessee's hands for the relevant years under appeal? (ii) Was the Tribunal correct in rejecting the claim for accumulation of income on the ground that Form-10 had not been furnished along with the return but was filed during the course of the assessment proceedings?" The learned counsel for the appe....
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....the assessee would not be entitled to furnish the said Form-10 to seek the benefit of Section 11 of the said Act. 4. On the other hand, the learned counsel for the assessee/appellant submitted that assessment included re-assessment as was evident from Section 2(8) of the said Act. Therefore, whether the assessment was an original assessment or as a part of a re-assessment, it would not make any difference and that the assessee would be entitled to file the said Form-10 in either of the two proceedings and the revenue would have to take the said form that into account. 5. Having considered the arguments advanced by the counsel for the parties on this aspect of the matter we feel that it would be necessary to set out the reasoning adopted b....
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....hout the particulars of this income, the assessing authority cannot entertain the claim of the assessee under section 11 of the Act, therefore, compliance with the requirement of the Act will have to be any time before the assessment proceedings. Further, any claim for giving the benefit of section 11 on the basis of information supplied subsequent to the completion of assessment would mean that the assessment order will have to be reopened. In our opinion, the Act does not contemplate such re-opening of the assessment. In the case in hand it is evident from the records of the case that the respondent did not furnish the required information till after the assessments for the relevant years were completed. In the light of the above, we are....