2021 (5) TMI 486

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.... of 2020 - -<br>Income Tax<br>Honourable Dr. Justice Anita Sumanth For the Petitioner : Mr.N.V.Balaji For the Respondents : Mr.A.P.Srinivas Senior Standing Counsel COMMON ORDER Heard Mr.N.V.Balaji, learned counsel for the petitioner and Mr.A.P.Srinivas, learned Senior Standing Counsel for the respondents. 2. The petitioner has filed the present writ petitions challenging proceedings....

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....abled services located in MEPZ Chennai. 4. The petitioner participated in proceedings for assessment that culminated in an order of assessment passed under Section 143(3) dated 30.03.2016 wherein the claim for exemption was examined in detail, the respondent Assessing Officer, upon perusal of Form 56F proceeding to effect various adjustment to the exemptions claimed. 5. While this is so, a n....

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....fore, you are requested to furnish requisite details on or before 21.06.2019. 6. The basis of the re-assessment is the alleged excess claim of deduction under Section 10AA of the Act. The instant proceedings initiated beyond a period of four years will thus have to conform to limitation prescribed under the proviso to Section 147 of the Act. The provisions of Section 147 prescribe a limitation ....

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....nd in such an instance, the proceedings for assessment, initiated beyond a period of four years, is barred by limitation. It appears that the Assessing Officer had lost sight of the issue now raised. 9. Explanation 2(c) to Section 147, relied on by the revenue, reads as follows: Where an assessment has been made but income chargeable to tax has been under assessed or such income has be....