COMMISSIONER OF INCOME TAX Vs. MUNJAL SHOWA LTD.

JUDGEMENT

(1.) THE Revenue has preferred these appeals for the assessment years 2000 -01 and 2001 -02 against the order dated 16.02.2010 of the Income Tax Appellate Tribunal ('tribunal', for short) in ITA No. 4461/Del/2009 and 1704/Del/2007 in the case of Munjal Showa Ltd. By the impugned order, the Tribunal has struck down the reassessment proceedings initiated u/s 147/148 of the Income Tax Act, 1961 ('Act', for short) on the ground of change of opinion. For the assessment year 2000 -01, it has also been held that the respondent -assessee had fully and truly disclosed all material facts and, therefore, the bar/stipulation in the proviso protects the respondent assessee.

(2.) AS full details have not been set out in the impugned order, we have, with the assistance of the learned counsel for the parties, examined the contentions raised. Learned counsel for the respondent has filed a paper book in this Court which is taken on record.

(3.) FOR the assessment year 2001 -02, the respondent had filed their return of income on 28.10.2001, disclosing income of Rs. 17,63,93,104/ -. The aforesaid income includes capital gains of Rs. 11,76,471/ -. The return was processed u/s 143(1) on 23.05.2002 on the returned income. Thereafter, the return was taken up for scrutiny by issue of notice u/s 143(2) dated 11.10.2002. Assessment order u/s 143(3) was passed on 20.02.2004. The income was assessed at Rs. 17,52,16,710/ - including capital gains. The assessment order is brief but it specifically refers to the admissible expenses and depreciation etc. The questionnaire issued by the Assessing Officer during the course of the original assessment proceedings, and the reply submitted by the assessee, have been referred to below.