Back
MD. NIZAMUDDIN
Peerless General Finance And Investment Co. Ltd. – Appellant
Versus
Assistant Commissioner Of Income Tax, Circle 3(1), Kolkata – Respondent
JUDGMENT
Md. Nizamuddin, J. - Heard learned counsel appearing for the parties.
2. By this Writ Petition, petitioner has challenged the impugned notice under Section 148 of the Income Tax Act, 1962 dated 31st March, 2019 and the impugned order passed by the respondent Assessing Officer dated 3rd September, 2019 rejecting the petitioner's objection dated 26th August, 2019 against the impugned notice under Section 148 of the Act relevant to the Assessment Year 2012-13 issued after expiry of four years from the end of relevant assessment year for reopening of scrutiny assessment under Section 143 (3) of the Act.
3. Facts in brief as appears on perusal of relevant records are as hereunder.
4. Petitioner company on 26.09.2012 filed its return of income for the Assessment Year 2012-13 disclosing a total income of Rs. 167,44,57,970/-
5. The Assessing Officer sent a Notice to the petitioner on 22.08.2013, under Section 143 (2) of the Act for the relevant Assessment Year selecting the said return filed for scrutiny assessment and calling upon the petitioner company to produce or cause to be produced on 16th September, 2013 any document, accounts and any other evidence on which the petitioner comp
Mere change of opinion is not a ground for reopening of assessment under Section 147 of the Income Tax Act, 1961.
Reopening of assessment under Section 148 is invalid if based on materials already available during the original assessment, constituting a mere change of opinion without fresh evidence.
The 'reason to believe' for reassessment must be based on tangible material with a direct nexus to the formation of the belief, and reassessment cannot be made on a change of opinion.
Under section 147 of the Act the proceedings for the reassessment can be initiated only if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any....
The assessing officer is empowered to invoke section 147 of the Income Tax Act, if there is reason to believe that the income chargeable to tax has escaped assessment, even in cases where no assessme....
Point of Law : Court satisfied that there was prima facie material available on record before the assessing officer for issuing a notice for reassessment and the notice under Section 148.
A defective return cannot be regarded as an invalid return.
The court emphasized the need for tangible material to believe that income had escaped assessment and held that the power to grant approval for re-opening an assessment is coupled with a duty and can....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
