TaxTMI 
TaxTMI 
2016 (7) TMI 1545
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.... order dated 24/10/2014 of the CIT (A)-17,Mumbai the Assessing Officer (AO)has filed the present appeal.Assessee company engaged in the business of design, development and export of computed software etc.filed its return of income on 29. 11. 2006,declaring total income at Rs.Nil,after set off of brought forward unabsorbed depreciation of Rs. 9.52crores.The AO completed the assessment u/s.143(3)of the Act on 23. 12.2009,determining the income of the assessee at Rs.Nil.Subsequently,the assessment was reopened u/s.147 of the Act vide notice,dated 22.03.2013.The AO completed the asst. u/s. 143(3) r.w.s. 147 of the Act determining the income of the assessee at Rs. 12.55 crores.After setting off of unabsorbed depreciation the taxable income was c....
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....nt proceedings that the assessee had failed to disclose material facts,that in absence of such a finding the reassessment proceedings were not valid,that the reassessment proceedings were merely based on change of opinion having regard to the same facts available on record during the course of original assessment proceedings, that the AO was duty-bound to issue a notice u/s.143(2)of the Act within a period of six months from the end of the financial year in which the return for the reassessments proceedings had been filed, that the return of income in compliance with section 148 of the Act was filed on 11/04/2013 by the assessee,that no notice u/s.143(2)of the Act was issued by the AO and served upon the assessee.The assessee relied upon va....
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....the previous year shall be taxed as capital gain. Further, vide explanation 2(a) below sub-section (3) it is envisaged that in the case of depreciable assets the written down value of the block of asset shall be considered for computing the net worth. The assessee company is engaged in design, development and export of computer software etc. The assessee company's tax payable under normal provisions of the Act is Nil due to set off of brought forward losses and also there is huge carry forward of losses eligible for set off against future income. The assessee is having three 10A units at Mahape, Bangalore and Chennai of which .' Bengalore Unit' was transferred and the assessee has offered S....
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....lose material facts.In the matter of Nirmal Bang Securities (382ITR93)Hon'ble Bombay High Court has held as follow : "Section 147 of the Income-tax Act, 1961provides that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153 of the Act assess or reassess the said income chargeable to tax. However, this is subject to certain limitations. The first proviso to section 147 stipulates that where an assessment has been made no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such asse....