TaxTMI 
TaxTMI 
2021 (12) TMI 1216
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.... Pattom, Thiruvananthapuram/Assessee is the respondent. The subject appeal is at the instance of Revenue under Section 260A of the Income Tax Act, 1961 (for short, 'the Act') from the order of Income Tax Appellate Tribunal (for short, the Tribunal) Cochin Bench in I.T.A No.52/Coch/2019 dated 08.08.2019. The controversies canvassed in the appeal are relate to the return filed for the assessment year 2005-06. 3. The appeal is filed by raising the following substantial questions of law: "1) Is the Hon'ble Tribunal right in holding that the issues were subject matter of appeal before the CIT(A) in the case of original assessment and hence the Assessing Officer cannot re-visit the same by re-opening the assessment u/s 147 of the A....
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....ssessee escaped assessment in the subject Assessment year. As noted earlier we are concerned with the return filed by the Assessee for the Assessment year 2005-06. The Assessing Officer on 24.12.2007 completed the assessment under Section 143(3) of the Act, . The said decision of the Assessing Officer was appealed before the Commissioner of Income Tax (Appeals) (for short, 'CIT(Appeals)'. The notice under Section 147 of the Act was issued on the ground that the mistakes have occurred in the assessment order in over-assessing the business loss of Assessee, while giving effect to the order of the CIT(Appeals). The Assessing Officer through order in Annexure-A dated 30.12.2010 made re-assessment order on the Assessee. The Assessee aggrieved th....
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.... Business loss (-) 65,87,15,148 Add Income from other sources 3,81,97,748 Revised total loss (-) 62,05,17,400 The CIT(A) vide above referred to above has directed to cancel the computation of book profit u/s 115 JB holding that the assessee does not come within the purview of section 115JB of the Income-tax Act. Hence the computation of book profit made in the assessment order stands cancelled. The following grounds are restored back to the Assessing Officer. The assessee is to produce evidence/documents etc to substantiate their claim. Provision for DA arrears 369,000,000 Interest on government loan 158,300,000 Penal interest 1,233,600,000 Incentive payable to power grid corpn. Disallowed in the order of AY 04-05 ....
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....aterial facts" necessary for his assessment, for that assessment year: Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment yea)r: Provided also that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment." [Emphasis Supplied] 4.1.5. Therefore, per the second proviso to the section 147 of the Act, the assessment cannot be reopened on issues which are under appeal. Clearly, th....
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....vided also that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment" and argues that there was no over-assessment of business loss and in substance what was pending before the CIT(Appeals) was the very same subject matter for which, notice under Section 147 was issued. He argues that the second proviso does not make any distinction between figures and the subject matter. It is not the case of Revenue that the subject matter of the notice under Section 147 was not the subject matter before the Appellate Authority. Therefore, in all fours, the second proviso is attracted to th....