TaxTMI 
TaxTMI 
2025 (1) TMI 283
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....ng to assessment year 2012-13 arises out of the assessment order passed by the Add. CIT. Special Range -7, New Delhi dated 31.12.2017 under Section 147/143(3) of the Income Tax Act,1961[hereinafter referred as 'the Act'] 2. The assessee has raised the following grounds of appeal: Ground No. 1: That on the facts and in the circumstances of the case and in law, the appeal order passed by learned (Ld. CIT (A)) is bad in law and needs to be quashed. Ground No. 2: That on the facts and in the circumstances of the case and in law, the learned (Ld. CIT (A)), ha erred in confirming the re-assessment proceedings without appreciating the fact that 2.1 Andrei The reassessment was made after expiry of four years with....
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....ction 271(1)(c) of the Act mechanically and without recording any adequate satisfaction for such initiation. That the above grounds are independent and without prejudice to each other. The Appellant craves for leave to add, alter, amend or vary any of the above grounds either before or at the time of hearing. 3. The brief facts of the case are that the assessee is a Joint Venture of Tata Power Company Limited and power Grid Corporation of India limited with 52% and 49% shareholding, respectively. The assessee company has been setup to construct, operate and maintain 1166 kilometers of five 400 KV. double circuit transmission Lines and one 220kv Double Circuit transmission Line from Siliguri in west Bengal to Mandola in ....
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....see. The ld. Assessing officer has re-computed the income of the assessee company as under: Income from eligible business (a) Rs.103,26,21,467/- B/F depreciation of AY 2008-09(b) Rs. 28,76,36,805/- Income from eligible business for the year 2012-13 (a-b) Rs. 74,49 84 662/- Capital gains Rs. 3,52,52,427/- Other Sources Rs. 11,33,18,252/- Total income (a) Rs. 89,35,55,341/- Deduction to be claimed u/s 80IA (Restricted to income from eligible business) Rs. 74,49,84,662/- Taxable Income Rs. 14,85,70,679/- The assessing officer has also started the penalty proceedings against the assessee. 6. Aggrieved the order of the ld. Assessing officer the assessee company has filed the appeal before the....
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....sing Officer had raised queries and questions on other aspects? (iv) Whether and in what circumstances Section 114(e) of the Evidence Act can be applied and it can be held that it is a case of change of opinion?" 8. In this case, the Hon'ble Delhi High Court further held as under: "22. I find it difficult to assent to the contention of the revenue that section 114(e) of the Evidence Act was incorrectly invoked by the Full Bench of this court in Kelvinator of India (supra). It has been held by the Full Bench that the section applies to an assessment order made under section 143(3) of the Act and the judgment has been affirmed by the Supreme Court. The last word on the subject has been said. The contention cannot even be ....
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....istake is apparent. Even a mistake cannot be rectified where it may be a mere possible view or where the issues are debatable. Income-tax Appellate Tribunal has limited jurisdiction under section 254(2) of the Act. It is a well-settled principle of law that what cannot be done directly cannot be done indirectly. If the Income-tax Officer does not possess the power of review, he cannot be permitted to achieve the said object by taking recourse to initiating a proceeding of reassessment. In a case of this nature the Revenue is not without remedy. Section 263 of the Act empowers the Commissioner to review an order which is prejudicial to the Revenue. The scope and effect of section 147 as substituted with effect from April 1, 1989, by....
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....g quasi-judicial function to take benefit of its own wrong. Hence, it is clear that section 147 of the Act does not postulate conferment of power upon the Assessing Officer to initiate reassessment proceedings upon a mere change of opinion". 10. Ld. DR has supported the order of the below authorities and ought the dismissal of the appeal. 11. In the present case, the return of income for the A.Y. 2012-13 of the assessee company was selected for scrutiny and the addition of amounting at Rs 9,07,57,000/- made by the ld. Assessing officer was deleted by the Ld CIT(A). Thereafter, the case of the assessee company was re-opened and notice under Section 148 of the Act was issued. The Assessing Officer re-computed the income under the normal....