OBEETEE PRIVATE LTD Vs. C I T

JUDGEMENT

(1.) The following question of law has been referred to this Court for opinion:-

(2.) The assessee had claimed relief under Section 80-I for the assessment year 1981-82, which was allowed. Later on the assessments were reopened on the ground that the provisions of Section 80-I were not applicable and the income to that extent had escaped the assessment. The case was reopened under Section 147 of the Income Tax Act, 1961 and the assessee was allowed number of opportunities to furnish his detailed explanation. Since no reply was submitted by the assessee, the case was reopened and the notice under Section 148 was issued. The assessee in its reply dated 8.2.1986, submitted that deduction allowable under Section 80-J has been wrongly allowed under Section 80-I to him. The assessee further submitted that his claim under Section 80J has been mistaken by the Assessing Authority for claim under Section 80-I and claimed that proceedings under Section 148 may be dropped and the mistake be rectified under Section 154. The A.O. held as under:-

(3.) The Commissioner of Income Tax (Appeals), Varanasi agreed with the findings of A.O. and held as under:-