TaxTMI 
TaxTMI 
2022 (1) TMI 694
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....f the said Act dated 20th March 2015 determining the total income at Rs. 5,37,56,77,667/- and the tax is calculated on the book profit under Section 115JB of the said Act of Rs. 10,07,45,28,003/-. 2. After the assessment was completed and the assessment order was passed, the Principal Commissioner of Income Tax - 14 issued a notice dated 29th June 2016 under Section 263 of the said Act for Assessment Year 2012-2013 and it reads as under : ......... 2. In the instant case, return of income for A.Y. 2012-13 was filed on 26.11.2012 declaring Total Income of Rs. 5,23,81,63,542/- and book profit of Rs. 9,85,40,05,783/-. Further, order u/s 143(3) of the Act, was passed on 23.03.2015 determining the total income of Rs. 5,37,56,77, 667/....
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....e, I am directed to inform that the proceedings initiated u/s 263 of the I.T. Act in the above case for the A.Y. 2012-13 are dropped. Further, I am directed to request that Revenue Audit may accordingly be informed that the objection raised is not accepted and may be requested to withdraw the objection on the basis of facts of the case which is different than that of the judicial pronouncement relied upon by the audit party. .......... 4. Subsequently, petitioner received a notice under Section 148 of the said Act stating that the Jurisdictional Assessing Officer has reasons to believe that petitioner's income for Assessment Year 2012-2013 has escaped assessment. On petitioner's request, reasons were provided as also the approv....
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....ssioner of Income Tax - 14 had only applied his mind and considered all documents including his own order passed on 18th August 2016, he would not have granted the approval for the reasons as recorded. Mr. Suresh Kumar submitted that there are two reasons for reopening which are distinct. One is regarding the fair market value of land/transferable development rights and the other regarding diminution in the value of investment in a subsidiary and both can be segregated. It is true that both are totally different points but the fact, which is indisputable, is how could the Principal Commissioner of Income Tax - 14 grant approval for reopening relying on the reasons one of which is on an issue which the Principal Commissioner of Income Tax - ....