PCIT Vs IOT Anwesha Engineering And Projects Ltd. (Gujarat High Court)
Gujarat High Court held that in the absence of new material facts brought on record by the Revenue reopening of assessment beyond the period of 4 years is found to be not sustainable in the eye of law. Thus, appeal of revenue dismissed.
Facts- The assessee e-filed its Return of Income declaring total income Rs. 2,67,91,420/-, which was initially assessed u/s 143(3) of the Act dated 29.11.2011. The assessment was finalized determining the total income at Rs. 2,69,50,080/- and subsequently revised at Rs. 2,67,91,420/- on 03.10.2013 by virtue of appellate order passed by CIT(A)-1, Baroda on 02.08.2013. Subsequently, the assessment proceeding u/s 147 of the Act was initiated by issuing notice u/s 148 of the Act, dated 27.02.2015. The assessee claimed expenses to the extent of Rs. 1,27,92,992/- on account of duties and taxes out of which a sum of Rs. 62,92,692/- pertained to claim of expenses on account of VAT payment. In fact, the assessee paid VAT of Rs. 5,31,615/- by 31.03.2008. The balance amount remained unpaid and was shown as outstanding liability as on 31.03.2008 and the said amount of Rs. 57,61,077/ was also not paid before the due date of filing of return.
