2014 (8) TMI 171

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....ssed to tax in this charge. In this case the return of income for A.Y.2008-09 was filed on 25.09.2008 declaring total taxable income at Rs. 4,17,390/-. The return was processed u/s 143 (1) of the I.T.Act assessing the total taxable income at Rs. 4,17,390/-. 2. The assessee company was incorporated on 04.07.2006. The main objective of the company is to be build, own, operate and manage the vessel. For the year ending 31.03.2007 assessee has shown Capital work in progress at Rs. 1885,31,360/- in the Fixed Assets schedule. For the year ending 31.03.2008 the gross block of Fixed assets was shown at Rs. 79,32,23,039/-. There is no balance in capital work in progress account remained to be capitalized for the year ending 31.03.2008. The assessee....

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....x within the meaning of explanation 2(b) to section 147 of the I.T.Act 1961. 4. In view of the above facts, I have reason to believe that income chargeable to tax has escaped assessment within the meaning of section 147 of the I.T.Act 1961.Therefore, I am satisfied that this is a fit case to issue notice u/s 148 r.w.s. 147 of the I.T. Act 1961." 3. The petitioners objected to the reasons by their communication dated 31.12.2012 inter alia on the ground that proper sanction from the appropriate authority had not been taken while issuing the impugned dated 31.7.2012. With regard to the exchange rate fluctuations gains the petitioners contended that being a shipping company, they are covered under the special provisions applicable to a shippi....