Case Law Details
CIT Vs Deepak Cables (India) Ltd. (Karnataka High Court)
Tribunal, in a cryptic and cavalier manner, has found that during the course of survey under Section 133A of the Act, no material was found and the reopening of the assessment is not valid in law. It is pertinent to mention here that it was admitted on behalf of the assessee in the statements recorded under Section 131 of the Act, that the unit at Tumkur was an old unit and the claim of deduction under Section 80IA of the Act was not correct and the assessee itself had withdrawn the claim under Section 80IA of the Act for the Assessment Year 200102. In the proceedings under Section 148 of the Act also, the assessee had filed the return stating that the return filed on 23.02.2004 should be treated as response to the notice under Section 148 of the Act and the assessee had filed revised return withdrawing the claim under Section 80IA of the Act in respect of the Assessment Year 1998-99.
For the aforementioned reasons, the Tribunal erred in holding that the reopening of the assessment under Section 147 of the Act was beyond 4 years and was barred by limitation.
FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT
Mr. K. V. Aravind, learned counsel for the revenue.
Please become a Premium member. If you are already a Premium member, login here to access the full content.