Commissioner Of Income Tax – 3, Mumbai v. M/S.vijay Silk House (Bangalore) Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1796 OF 2011 Commissioner of Income Tax – 3, Mumbai..Appellant. Versus M/s.Vijay Silk House (Bangalore) Limited..Respondent. Mr.Vimal Gupta, Senior Advocate with Mr.Suresh Kumar for the appellant.Mr.Akhileshwar Sharma for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 15[th] February 2013 P.C. : 1.In this appeal by the Revenue for assessment year 2001-02, following question of law has been proposed for our consideration. “Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in quashing the reassessment proceedings even though the assessment was re-opened within a period of four years and there was tangible material before the assessing officer to form a belief that income had escaped assessment in view of the amended provisions of Section 80HHC (3) introduced retrospectively by the Taxation Law (Amendment Act 2005) with effect from 1-4-1998 ?” 2.The Tribunal has recorded a finding of fact that on 3[rd] December 2004 when assessment was reopened for assessment year 2001-02, amended provisions with regard to Section 28 and 80HHC of the Income Tax Act, 1961 were not on the statute. In fact, on the date of reopening of the assessment, there were decisions of the Tribunal in favour of the respondent – assessee. In this view of the matter, reopening of the assessment was held to be unjustified. The impugned of the Tribunal on the facts of the matter is unexceptionable. 3.In these circumstances, we see no reason to entertain the appeal. The appeal is accordingly dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)