Case Law Details
Brief of the Case
In the present case the writ petition was filed by the Assessee in which the Hon’ble High Court while dismissing the writ petition held that whenever an order is made under the re-assessment, then the limitation will commence from the period of re-assessment and not from the original assessment order.
Facts of the case
The assessee is engaged in the business of manufacture and sale of Iron and Steel products. The assessee admitted total income of Rs.3099.81 Crores and claimed set off of unabsorbed depreciation of Assessment Years 1993-94 to 1998-99 aggregating Rs.3914.69 Crores. Further, the assessee admitted book profit under Section 115JB of the Act at Rs.1107.17 Crores and the tax thereon was worked out at Rs.86.81 Crores. The return of income was accordingly processed under Section 143(1) of the Act on 31-03-2006, accepting the income returned, and it resulted in refund of Rs.28.91 Crores. Thereafter, a case of the assessee was taken up for scrutiny and re-assessment was completed under Section 143(3) of the Act, vide order dated 26-03-2007, determining the total income at Rs.3127,21,34,124/- and after setting off of the unabsorbed depreciation to the extent of the income so determined, the taxable income under normal provisions was again computed at NIL. The assessment, that was completed vide order dated 26-03-2007, was then reopened by issue of a notice under Section 148 of the Act dated 20-10-2009, in respect of computation of Minimum Alternative Tax. The reassessment was finally resulted in an order, dated 19th March, 2010, under Sections 147 of the Act, raising certain additional demands. Book profit was accordingly assessed at Rs.2266.25 Crores as against Rs.1107.17 Crores admitted by the assessee. In this backdrop, the impugned notice dated 31.08.2012 under Section 154 of the Act was issued, proposing to rectify the mistake, as indicated in the notice, in the assessment completed vide order dated 19-03-2010.
Question of Law
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Please post the judgement or order in PDF as you have done earlier for easy access.This will be very useful to us.