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DHIRAJ SINGH THAKUR, KAMAL KHATA
SLS Energy Pvt. Ltd. – Appellant
Versus
Income Tax Officer – 13(2)(2), Mumbai – Respondent
JUDGMENT :
(Dhiraj Singh Thakur, J.)
1. Common questions of law and facts arise in these two Petitions, and, therefore, we propose to dispose of the same by way of a common judgment and Order.
WRIT PETITION NO.331 OF 2016
2. The present Petition has been fled challenging the notice dated 23 Marih 2015 for the relevant assessment years-2010-11 issued under Section 148 of the Income Tax Act, 1961 (“the Act”), whereby the assessing officer proposed to reassess the income for the assessment year 2010-11 on the ground that the income had escaped assessment within the meaning of Section 147 of the Act.
3. The reasons for reopening as communicated to the Respondents are as under :-
The court established that there must be tangible material justifying the reopening of an assessment, and the assessing officer must have a reason to believe that income had escaped assessment.
The main legal point established in the judgment is that the receipt of share premium on the issue of fresh shares is on the capital account and constitutes a capital receipt, not chargeable to tax u....
Reopening of assessment beyond four years without failure to disclose material facts is invalid; share premium treated as capital receipt not taxable under Section 68 prior to 2013 amendment.
Reopening of assessment under Section 148 is impermissible if it is based on previously examined issues without new material.
The main legal point established in the judgment is the requirement for the belief to be based on reasonable grounds and the need for the assessee to disclose fully and truly all material facts neces....
Intimation under section 143(1)(a) was deemed to be a notice of demand under section 156, for the apparent purpose of making machinery provisions relating to recovery of tax applicable. By such appli....
Point of Law : Assessment - Unless any income chargeable to tax has escaped assessment for such assessment year by reason o f the failure on the part of the assesse to disclose fully and truly all ma....
The function of the assessing authority at this stage is to administer the statute and what is required is a reason to believe and not to establish fact of escapement of income and therefore, looking....
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