Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: cpt :: due date for vat payment :: VAT RATES :: list of goods taxed at 4% :: TDS :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
From the Courts »
 Principal Commissioner Of Income Tax, Delhi-1 Vs. Amadeus India Pvt. Ltd.
  AAA Paper Marketing Ltd vs. ACIT (ITAT Lucknow)
 CIT vs. Mettler Toledo India Pvt. Ltd (Bombay High Court)
 B.A.Mohota Textiles Traders Pvt. Ltd vs. DCIT (Bombay High Court)
 Shrey Infradevelopers Pvt Ltd Vs. Commissioner Of Income Tax
 Pr. Commissioner Of Income Tax Central-2 New Delhi Vs. Meeta Gutgutia Prop. M/s Ferns „N'? Petals
 Shrey Infradevelopers Pvt. Ltd Vs. Commissioner Of Income Tax
 South Asian Enterprises Ltd. & Anr. Vs. Commissioner Of Income Tax & Anr
 Crescent Construction Co vs. ACIT (ITAT Mumbai)
 AAA Paper Marketing Ltd vs. ACIT (ITAT Lucknow)
 Pioneer Overseas Corporation Usa (India Branch) Vs. Commissioner Of Income Tax (International Taxation)- 2 Delhi

Ganesh Housing Corporation Ltd vs. DCIT (Gujarat High Court)
March, 16th 2012
S. 147 Reopening, even within 4 years, on basis of retrospective amendment to s. 80-IB(10) invalid
 
For AY 2006-07, the assessee claimed s. 80-IB(10) deduction of Rs. 11.38 crores which was accepted by the AO in s. 143(3) assessment. Subsequently, within 4 years from the end of the AY, the AO reopened the assessment u/s 148 on the ground that the assessee had not complied with s. 80-IB(10) including that after the insertion of the Explanation to s. 80-IB(10) by the FA (No. 2) Act 2009 w.r.e.f. 1.4.2000, a contractor was not eligible for deduction u/s 80-IB(10). The assessee challenged the s.148 notice by a Writ Petition. HELD allowing the Petition:

The main reason for reopening the assessment was the insertion of the Explanation to s. 80-IB(10) by the FA (No. 2) Act 2009 w.r.e.f. 1.04.2000 which denies deduction to a contractor in respect of works contract awarded by any person and that at the stage of the original assessment, no opinion regarding the allowability or otherwise of deduction u/s 80IB (10) was given. of the Act. As regards the retrospective amendment, if an Explanation is added to a section for the removal of doubts, the implication is that the law was the same from the very beginning and the same is further explained by way of addition of the Explanation. It is not a case of introduction of a new provision of law by retrospective operation. As regards the formation of opinion, the assessee had disclosed all the material relevant for claiming s. 80-IB(10) deduction and there was no suppression of material. The fact that the AO in the s. 143(3) assessment did not give any opinion regarding the allowability or otherwise of deduction u/s 80IB (10) of the Act cannot be a ground for invoking s. 147.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions