2019 (6) TMI 714

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..... Damodar i/b. Kanga and Company for the Respondent. P.C.: 1. This Appeal is filed by the Revenue to challenge the Judgment passed by the Income Tax Appellate Tribunal (for short 'the Tribunal'). 2. Following questions are presented for our consideration : "(a) Whether on the facts and circumstances of the case and in law, the ITAT is justified in quashing the proceedings....

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....r the assessment year 2006- 07, the Assessee had filed a return of income, which was taken in scrutiny. The Assessee was assessed to tax under the MAT provisions, where the Assessee's book profit was computed at Rs. 32,27,00,000/- (rounded off). 4. Assessing Officer reopened the assessment of the Assessee for the assessment year 2005-06 on the ground that the certain claim of depreciation o....

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....i Mohanty vehemently contended that the Tribunal had committed serious error, the power of rectification was not available, could not have been exercised by the Assessing Officer and he had recorded proper reasons and reopened the assessment. On the other hand, the Counsel Pardiwala drew our attention to the assessment for the year 2006-07 original as ell as post notice of the reassessment and sub....