TaxTMI 
TaxTMI 
2018 (2) TMI 1376
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....1, which was originally framed after scrutiny. Such notice is therefore issued beyond the period of four years from the end of relevant assessment year. In order to do so, the Assessing Officer had recorded the following reasons : "The assessee company was engaged in the business of manufacturing of man-made textile and POY. The assessee filed its Return of Income for AY 2010-11 on 30.09.2010 declaring total income of Rs. 1,37,75,660/= after claiming deduction under Section 80IA of Rs. 20,77,91,893/=. The assessee filed revised return of income on 30.03.2012 revising the claim of deduction under Section 80IA to Rs. 21,30,61,976/=. The income was assessed to Rs. 23,23,79,770 under Section 143 [3] on 19.03.2013 of IT Act. Due to some....
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....view of the above facts, I have reason to believe that the assessee has concealed the income to the extent of Rs. 57,01,229/= which is an escaped assessment within the meaning of Section 147 of the Act. Thus, it is a fit case for issuing Notice u/s. 148 of the Act." The petitioner raised objections to the notice of reopening under a letter dated 6th July 2017. Its objections were rejected by the Assessing Officer by an Order dated 31st July 2017. Hence, this petition. Taking us through the materials on record, counsel for the petitioner raised the following contentions : [i] there was no failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment. Notice of reopening which has b....
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....mewhat peculiar. We may therefore notice such facts. For the Assessment Year 2010-2011, the assessee filed return of income on 30th September 2010 declaring total income of Rs. 1.37 Crores [rounded off], after claiming deduction of Rs. 20.77 Crores [rounded off] under Section 80IA [4] of the Income-tax Act, 1961 ["the Act" for short]. This return was revised on 30th March 2012 where the claim of deduction was revised to Rs. 21.30 Crores. The return of the assessee was taken in scrutiny by the Assessing Officer. During such scrutiny assessment, the Assessing Officer examined the assessee's claim of deduction under Section 80IA of the Act as well as the assessee's treatment to interest income. In his letter dated 5th February 2013,....
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.... 6.00% 3 Gabhen i Salem City Integrated Waste Management Co 51954 10.50% 4 Gabhen i Gujarat Enviro Protection & Infra [DNH] Pvt Ltd 6119464 10.50% 5 Gabhen i Gujarat Eco Infra Developers Private Limited 2076813 10.50% 6 Gabhen i Gujarat Enviro Protection & Infra [Haryana] 1977710 7.00% 7 Gabhen i Gujarat Eco Resorts & Hotels Private Limited 82265 10.50% 8 Gabhen i Bapu Laxman Thorat 101613 10.50% Total Interest Income on Unsecured Loan 21347526 B. Interest on FDR Gabhen i Bank of India 1854152 Gabhen i Bank of Baroda 44565 Gabhen i SIDBI 269436 ....
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....wable. However, this is for later. For the present, we may record that the Assessing Officer passed an order of assessment on 19th March 2013 in which he rejected the assessee's claim of deduction under Section 80IA of the Act. He therefore had no occasion to separately comment on the assessee's claim of interest income being eligible for such deduction. Be that as it may, the assessee carried entire issue in appeal before the Commissioner. The Commissioner [Appeals] by his order dated 14th May 2015, allowed the assessee's claim of deduction under Section 80IA [4] of the Act in toto. Record is not clear whether the Revenue has carried the order of Commissioner [Appeals] before the Tribunal or not. However, this by itself may not....
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....under Section 80IA [4] of the Act. He, therefore, had no occasion to thereafter comment on a part of such claim relatable to the assessee's interest income. Had the Assessing Officer accepted in principle the assessee's claim of deduction under Section 80IA [4] of the Act and thereafter, after scrutiny not made any disallowance for interest income forming part of such larger claim, the principle of change of opinion would apply. In the present case, once the Assessing Officer rejected the claim of deduction under Section 80IA [4] of the Act in its entirety, there was thereafter no occasion and any need for him to dissect such claim for rejection on some additional ground. The second reason which we referred to in the previous par....