2007 (3) TMI 231

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....rom questioning the jurisdiction, the assessee challenges the order of assessment under section 148 on merits too. It is seen that the assessee filed its return of income for 2000-01 with the office of the respondent herein and claimed tax benefits under section 80-IA of the Income-tax Act. Admittedly, the return of income was deficient for want of financial statements. The said defect was not rectified within the time stipulated, in spite of a notice calling upon the petitioner to do so. The assessment was reopened under section 147. The petitioner had filed the financial statement, but asked for the return of income filed originally as a return, in response to section 148. The petitioner was called upon to furnish the required particular....

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....icherry. The respondent states that the petitioner failed to furnish any documentary evidence to support its claim. The respondent submitted that the petitioner sought for the transfer of its assessment files to Pondicherry. The Revenue contends that, in any event, this would not exonerate the responsibility of the petitioner to substantiate its claim with necessary evidence. The Revenue further stated that the petitioner sought for adjournments on several occasions on some pretext or the other, and after several adjournments, it submitted that all the books, computers and records were destroyed in a fire accident in Chennai, on January 6, 2002. In support of this, the petitioner filed a copy of the first information report dated November 1....