TaxTMI 
TaxTMI 
2022 (4) TMI 1232
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.... return of income in terms of section 139 of the Act for A.Y. 2014-2015 on 29.11.2014 declaring total income of Rs. 26,79,01,280/- after claiming deduction under section 80-IA of the Act amounting to Rs. 5,42,49,584/-. 4] Subsequently, the petitioner fled a revised return on 25.03.2016 declaring total income of Rs. 16,31,11,500/- after claiming deduction under section 80-IA of the Act amounting to Rs. 16,00,18,236/-. 5] The petitioner's return was selected for scrutiny assessment. The notice under section 142(1) of the Act calling upon the petitioner to file various details / documents to complete assessment was issued. Specific details pertaining to deduction claimed under section 80-IA of the Act with cogent documentary evidences were also sought. 6] Pursuant to the abovesaid notice, the petitioner submitted a copy of the return, computation of income, tax audit report in Form No. 3CD and copy of annual report. 7] According to the petitioner, respondent No.2 during the course of assessment proceedings requested for further details in respect of claim of deduction under section 80-IA of the Act from wind power generation and the same were submitted. 8] According to ....
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....w information or material, however, in the present case, the Assessing Officer is seeking to reopen the reassessment proceedings based on the same material facts which were before him when he concluded the original assessment proceedings. It is submitted that reassessment without any additional information amounts to change of opinion and the same is not permissible. 16] It is further submitted that the proviso to section 147 of the Act provides that where an assessment under section 143(3) of the Act has been made for relevant assessment year and four years from the end of the relevant assessment year has expired, then no reassessment proceedings can be initiated under section 147 of the Act unless any income chargeable to tax has escaped assessment for such assessment year by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment for that assessment year. It is submitted that the petitioner's case is covered by the said proviso as there is no failure on the part of the petitioner of the kind envisaged in the proviso and the record would clearly show that the entire issue with respect to deduction under section 80-I....
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....e Assessing Officer has to mention what was the tangible material to come to the conclusion that there is an escapement of income from assessment and that there has been failure to fully and truly disclose material fact. After a period of four years even if the Assessing Officer has some tangible material to come to the conclusion that there is an escapement of income from assessment, he cannot exercise the power to reopen unless he discloses what was the material fact which was not truly and fully disclosed by the assessee." 22] In the present case, the petitioner had truly and fully disclosed all material facts necessary for the purpose of assessment. They were carefully scrutinized and figures of income as well as deduction were carefully reworked by the Assessing Officer. In fact, in the reasons for reopening, there is not even a whisper as to what was not disclosed. In our view, this is not a case where the assessment is sought to be reopened on the reasonable belief that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary for computation of income but this is a case wherein the assessment sought....
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....or year B Less: brought 24896043 -107218082 28668736 No details 25290850 No details 4305816 No details -5 Gross total 80862608 -90361387 164024053 forward loss/unabsorbed depreciation of prior years CClaimed & allowed 24896043 28668736 25290850 801A(4) deduction D Balance loss of 24896043 0 0 4305816 80862608 -197579469 80862608 164024053 801A(4) unit to be set off (A-B) E Balance loss of 82322039 0 0 0 9498779 -105758651 801A(4) unit to be c/f (D-B) f Admissible 801A(4) 0 deduction (D) 28668736 25290850 4305816 0 91820818 5,82,65,402/- Accordingly, after setting of prior yearsb/f loss/depreciation of Rs. 91820818/- pertaining to said 2 units at sangali/nasik-maharashtrall & maharashtra II, there was negative balance of profits. Thus assessee company was not eligible for 801A(4) deduction in respect of such 2 units. The 801A(4) deduction ,pertaining to the remaining 3 units, should have been restricted to Rs. 5,82,65,402 / There was excess deduction of 801A(4) deduction of Rs. Document 2 17,52,....