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It is an admitted position that no notice under Section 143(2) had been issued while making assessment under Section 143(3) read with Section 147. The Apex Court in the case of National Thermal Power Co. Ltd. v. CIT [1998] 229 ITR 383 has held that the Tribunal has discretion to allow or not to allow a new ground to be raised. But in a case where the Tribunal is only required to consider the question of law arising from facts which are on record in the assessment proceedings, there is no reason why such a question should not be allowed to be raised when it is necessary to consider that question in order to correctly assess the tax liability of an assessee.
In case of Ashok Taksali (supra), the Rajasthan High Court came across a similar question. The Bench was of the opinion that once a salary income of the block year has been taxed and such tax has been deducted at source, there is no question of holding that the income of the assessee was undisclosed income of the block period. It was observed as under:-
In this case, assessee was carrying on business of conversion of Jumbo Rolls of photographic films into small flats and rolls in desired sizes. It claimed deduction under secs. 80-HH and 80-I as well as investment allowance under sec. 32AB. The controversy arose whether conversion of jumbo rolls into small sizes amounts to manufacture or production, eligible for deduction under sec. 32AB or deduction under sections 80-HH and 80-I of the Income-tax Act, 1961/ Hon’ble Supreme Court has held that this activity amounts to manufacture or production.
The assessee has explained before us the hierarchy of Sacred Heart Congregation viz., Generalate, Province, Region and Convents. There is no dispute that the applicant herein is a Convent. It was further submitted that the constitution (meaning ‘bye laws’) is the same for all the four hierarchies stated above. It was further submitted that Chapter X of the constitution, referred above, is the authority of services given to the convents. We have gone through the Chapter X of the constitution referred above. We notice that the Chapter X discusses about the formation of new houses, local communities, colonial house, local supervisor, local assembly, local council, service centres etc., and the mode of regulation of the same. In clause 278, which is prescribed under the head “Colonial House”, it is stated as under:-
The question as to whether the business is derived from or attributable to SLR or non-SLR funds would not make any difference for the purposes of qualifying the interest earned by the cooperative bank under Section 80P (2) (a) (i) as the deposits of surplus idle money available from working capital, including reserves, excess collection of interest tax and other incomes are all attributable to the business of banking. The interest from such deposits cannot be said to be beyond the legitimate business activities of the bank.
Legal Foundation of Provisions The fundamental legal and common-sense principle which help understanding and appreciating the requirements of valid actions and procedures for re-opening the assessments is, that in general, the law disfavours the unsettling of settled and concluded status/ proceedings. It is easy to understand why it should be so.
Section 145 of the Income Tax Act 1961, lays down that income chargeable under the head “Profit and gains of business or profession” or “Income from other sources” shall, subject to the accounting standards notified by the Central Government in the Official Gazette, be computed in accordance with either cash or mercantile system of accounting […]
From the material documents allowed to be produced, the assessee could satisfy the Commissioner (Appeals) that the place of effective management of its enterprises was situated at Netherlands and thus, the requirement of condition in Article 8A of DTA agreement was met with. The Tribunal has rightly confirmed the decision of the Appellate Commissioner holding the assessee to be eligible for benefits of DTAA.
A meeting of the managing committee of ITAT Bar Association, Ahmedabad was held on 19th April, 2013 and the following resolution was passed unanimously: RESOLVED THAT considering the conduct of Shri A. K. Garodia, the Accountant Member of ITAT Bench at Ahmedabad, it was found that on account of his consistent gross, rude, arbitrary and […]
As is more than apparent, assessment was completed on scrutiny. In post assessment period, audit party raised the objection and Assessing Officer had strongly objected to such objections by communicating internally as mentioned hereinabove. In such background, reasons for reopening if are noted, they are almost identically worded as that of audit report. No material worth the name emerges to indicate any independent application of mind. Facts are quite glaring on the contrary & they clearly establish absence of subjective satisfaction of Assessing Officer. Thus, the ground raised by the petitioner that such notice of reopening is invalid for the Assessing Officer having not formed his independent belief requires to be sustained.
