TaxTMI 
TaxTMI 
2025 (6) TMI 1313
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....ter of an assessment framed by Ld. AO u/s 143(3) r.w.s.147 of the Act on 27-12-2018. 2. The Ld. AR advanced arguments on legal grounds as well as on merits. The Ld. Sr. DR also advanced arguments by referring to the findings of Ld. AO in the assessment order. Having heard rival submissions and upon perusal of case records, the appeals are disposed-off as under. The assessee being resident partnership firm is stated to be engaged in construction of residential flats. Assessment Proceedings 3.1 The assessee filed regular return of income on 30-09-2011 declaring loss of Rs. 0.54 Lacs. However, the return was revised on 14- 03-2012 declaring income of Rs. 2.03 Lacs which was processed u/s 143(1). Subsequently, the return was scrutinized u/s 1....
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....e revised return of income. Therefore, the deduction of Rs. 242.20 Lacs was denied to the assessee. Appellate Proceedings 4.1 The assessee assailed the assessment on legal grounds as well as on merits by way of elaborate written submissions. The Ld. CIT(A) rejected various legal grounds raised by the assessee and upheld the jurisdiction of Ld. AO. Aggrieved, the assessee is in further appeal before us. 4.2 Another pertinent argument on merits was that a valid revised return would relate back to the date of original return. If the original return was filed in time and the claim was made in the revised return, the same would not be hit by the provisions of Sec.80AC as per various judicial decisions. A valid revised return would replace the....
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....duction u/s 80-IB(10) was not apparently been claimed by the assessee. However, the assessee revised its return of income on 14-03-2012 wherein the assessee claimed impugned deduction for Rs. 242.20 Lacs. The case was duly scrutinized u/s 143(3) vide order dated 24-01-2014 wherein Ld. AO made addition of Rs. 6.11 Lacs to the revised income as filed by the assessee. The first appeal against this order stood disposed-off vide order dated 24-07-2018 allowing the appeal of the assessee. During the course of regular assessment proceedings, one of the issues as identified by Ld. AO was deduction u/s 80-IB(10). Notices were issued u/s 142(1). In notice dated 05-09-2013, the assessee was required to substantiate the claim of deduction u/s 80-IB(10)....
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....on of belief is on the same set of material as available during assessment proceedings u/s 143(3). This being the case, reopening would be nothing but mere change of opinion on existing material which is impermissible as per the decision of Hon'ble Apex Court in Kelvinator of India Ltd. (187 Taxman 312). It was held therein that the review of order is impermissible. The Hon'ble Court, inter-alia, held that Assessing Officer has power to reopen provided there is "tangible material" to come to the conclusion that there is escapement of income. There can be no review of an assessment in the guise of reopening and that a bare review without any tangible material would amount to abuse of the power. In this case, the Ld. AO reached the belief of ....