COMMISSIONER OF INCOME TAX Vs. AMITABH BACHCHAN

JUDGEMENT

(1.) This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the "said Act") challenges the order 19th March 2010 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal) in respect of the Assessment Year 2002-03. Being aggrieved, the appellant has raised the following questions of law for consideration by this Court.

(2.) On 13 October 2002, the respondent assessee had filed his return of income declaring his income at Rs. 14.99 crores for the Assessment Year 2002-03. Thereafter, on 31st March, 2002, the respondent assessee filed a revised return of income declaring his total income for the assessment year 2002-03 wherein he claimed expenses at 30% adhoc amounting to Rs. 6.31 crores and determining his income at Rs. 8.11 crores. However, before the assessment for the Assessment Year 2002-03 could be completed, the respondent assessee by a letter dated 13th March 2004 withdrew the revised return along with his claim of deduction of 30% adhoc expenses from his total income. On 29th March 2005, the Assessing Officer completed the assessment for the Assessment Year 2002-03 determining the respondent's income at Rs. 56.41 crores.

(3.) On 5th April, 2006, a notice under Section 148 of the said Act was issued to the respondent assessee seeking to reopen the assessment proceedings for the Assessment Year 2002-03. The reasons recorded for reopening the assessment were as under: