Dismissing the appeal of the revenue the Court held that the main object of the company was to construct, maintain and lease out of the software technology parks and the main income of the assessee was lease rentals. With regard to non-payment of interest, it was clear that the assessee had paid the interest within the relevant assessment year and all these facts had been disclosed by the assessee to the Assessing Officer. After taking into consideration all these aspects, the Assessing Officer had passed the original assessment order. Further both the Commissioner (Appeals) and the Tribunal had thoroughly scrutinised the entire facts and passed orders. The original assessment order was passed by the Assessing Officer after taking into consideration all the material facts. During the course of the reassessment proceedings, the Assessing Officer had not found any tangible material to prove escapement of income from tax. The reassessment proceedings were not valid. (AY.2003-04, 2005-06)
CIT v. Tidel Park Ltd. (No. 2) (2021) 430 ITR 242 (Mad.)(HC)
S. 147 : Reassessment-With in four years-Change of opinion-Income from business-Income from house property-Developing, operating and maintaining information technology parks-Reassessment is held to be not valid. [S. 22, 28(i), 80IA(4), 148]