TaxTMI 
TaxTMI 
2015 (3) TMI 892
X X X X Extracts X X X X
X X X X Extracts X X X X
....by which the learned tribunal has allowed the Cross Objections preferred by the assessee and dismissed the appeal preferred by the revenue, by holding that initiation of the reassessment proceedings / reopening of the assessment, which was admittedly beyond the period of four years, was invalid, the revenue has preferred the present Tax Appeals with the following proposed questions of law; Tax Appeal No.135/2015 "Whether the Appellate Tribunal has erred in law and on facts by not upholding the issuance of notice under Section 148 as per provisions available as per explanation 2(c)(iii) and 2(c)(iv) given below Section 147 of the Income Tax Act, by Assessing Officer and thereby allowing deduction claimed by the assessee under Section 80IB ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... it exceeded the limit of investment of Plant & Machinery i.e. exceeding the limit of Rs. 1 Crore and thus it is not eligible for deduction under Section 80IB of the Act. The assessee was served with the reasons for reopening of the assessment by submitting that as for the Assessment Year 2003-04 the investment of Plant & Machinery was beyond Rs. 1 Crore and thereby the assessee being ceased to be an SSI unit is not eligible under Section 80IB of the Act and despite the same the assessee claimed and was allowed deduction under Section 80IB of the Act of Rs. 35,40,963/- for the Assessment Year 2003-04 and, therefore, the income chargeable to tax has escaped under Section 147 of the Act. The Assessing Officer passed the reassessment order for....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l has allowed the Cross Objections preferred by the assessee and held that initiation of the reassessment proceedings for the Assessment Year 2003-04 was bad in law. Consequently, the learned tribunal did not decide the appeal preferred by the revenue on merits. (2.4) Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned tribunal in ITA No.2687/Ahd/2010 and Cross Objection No.153/Ahd/2013, the revenue has preferred the present Tax Appeals. (3.0) We have heard Shri Manish Bhatt, learned Counsel appearing on behalf of the appellant at length and we have perused the order passed by the Assessing Officer under Section 147 of the Act as well as the order passed by the learned CIT(A) as well as the impugn....
X X X X Extracts X X X X
X X X X Extracts X X X X
....h the value of the Plant and Machinery was certified at Rs. 4,73,81,571/- and, therefore, there was no omission and / or suppression on the part of the assessee that the assessee did not disclose true and correct facts. We confirm the finding recorded by the learned tribunal that initiation of the reassessment proceedings for the Assessment Year 2003-04 was not permissible and was not legal and as such was bad in law. Under the circumstances, the learned tribunal has rightly not considered the appeal preferred by the revenue which was on merits of deletion of disallowance under Section 80IB of the Act. Under the circumstances, there is no substance in the present Tax Appeals and the same deserves to be dismissed and are accordingly dismisse....