TaxTMI 
TaxTMI 
2014 (7) TMI 593
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....ct, 1961 was completed determining the total income at Rs. 10,41,49,209. Subsequently, the AO reopened the assessment u/s. 147 and completed the assessment determining the total income of the assessee at Rs. 9,48,91,413. 3. Facts of the case are that the assessee-company is manufacturing ferro alloys. Original assessment was completed u/s. 143(3) and in reply to the notice u/s. 148 on 25.3.2010 the assessee furnished a statement that the return in response to notice was filed on 26.4.2010. The assessee also requested for reasons recorded which were furnished by the AO. Subsequently show-cause letters were issued and assessee gave its arguments with respect to all the issues. The AO then made addition recalculating the deduction u/s. 80HHC ....
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....nd hence reopening of the assessment itself is bad in law and invalid. Aggrieved, the Revenue is in appeal before us. 6. The learned DR relied on the order of the Assessing Officer and submitted that the decision of the CIT(A) that there is change in opinion of the Assessing Officer is not acceptable in view of the following decisions: (i) Kalyanji Mavji & Co. vs. CIT, 102 ITR 287 (SC) (ii) ALA Firm vs. CIT 189 ITR 285 (SC) (iii) Consolidated Photo and Finvest Ltd. vs. ACIT, 281 ITR 394 (Del) (iv) Som Datt Builders P. Ltd. vs. Dy. CIT, 280 ITR (AT) 229, (Kol) 7. The DR further submitted that the CIT(A) ought to have gone into the merits of the case. The CIT(A) erred in holding that there is change in opinion by the Assessing Officer. ....
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....imed u/s. 80IA from the eligible profits." 11. The proviso to section 147 is as under: "Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub- section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment for that assessment year." 12. Therefore as could be seen from the abo....
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....ted by the Assessing Officer for reopening the assessment pertain to events which have taken place after the order of assessment was passed. The first of those is the judgment of the Special Bench of the Tribunal which was delivered on 30.6.2010, according to which unabsorbed depreciation for the period up to 1996-97 could be carried forward and set off against the income under any head for a maximum period of eight assessment years. Consequently, according to the Assessing Officer unabsorbed depreciation pertaining to assessment year 1994-95 could not have been set off against the income for assessment year 2005-06. The second of those events is a legislative amendment brought about by the Finance Act of 2009 with retrospective effect from....