TaxTMI 
TaxTMI 
2023 (8) TMI 1285
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....,226/-. The assessment was completed under Section 143(3) of the Act on 28th March 2016 declaring total taxable income as per the returns filed by petitioner. 2. Petitioner received a notice dated 31st March 2021 under Section 148 of the Act stating that there were reasons to believe that petitioner's income chargeable to tax for the Assessment Year 2013-14 has escaped assessment within the meaning of Section 147 of the Act. Petitioner was provided with the reasons to believe in which it is recorded as under : ii. On perusal of record it is found that, the assessee company had established a Diamond Industrial Park in Sachin District, Surat. This park in the year 1994 was made into Export Processing Zone. Government of India, Min....
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....ch under assessment occurred by the reason of omission on part of the assessee to disclose true and correct facts of the case. iii. Therefore, I have reason to believe that taxable income by virtue of incorrect claim of ineligible deduction from income u/s. 80IA(4)(iii) of the Act of an amount as stated in para ii above has escaped assessment by the reason of omission on part of the assessee within the meaning of section 147 of the IT Act, 1961. Further this case is squarely covered under the provisions of Explanation 1 to section 147 of the Act. Therefore, I am satisfied that this is a fit case to issue notice u/s. 148(1) r.w.s. 147 of the IT Act, 1961. 3. Petitioner filed its objections by a letter dated 8th July 2021. The ....
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....pporting documents. 2. In respect of Deduction claimed u/s 80 IA of the Act. Please submit the details notes on your industrial activity, which come u/s 80 IA. 3. Please submit the details working of deduction u/s 80 IA. 6. Assessee responded vide its letter dated 25th February 2016 and also annexed to the said letter the approvals that it had received from Ministry of Commerce and Industry. The A.O. considered these explanations and proceeded to pass the Assessment Order. It is true that there is no discussion on this in the Assessment Order. The Division Bench of this court in Aroni Commercials Ltd. vs. Deputy Commissioner of Income Tax 2(1) (2014) 44 taxmann.com 304 (Bombay) held that once a query is raised during th....
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....uction. In Assessment Year 2006-07 when the reasons to reopen was issued the A.O. had formed an opinion that assessee was entitled to claim for 15 years only from 31st May 1994 and not from 1st November 2000. Assessee had filed the petition challenging the reopening for Assessment Year 2006-07 being Writ Petition No. 1915 of 2011. During pendency of this Writ Petition assessee received an order dated 13th December 2011 stating that the proceedings that were initiated under Section 147 of the Act for Assessment Year 2006-07 were dropped. In view thereof assessee withdrew Writ Petition No. 1915 of 2011. Mr. Vaidya therefore is justified in submitting that there can never be a case of incorrect dates being stated in Form 10CCB by assessee as r....