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N. V. ANJARIA, BHARGAV D. KARIA
GUJARAT NATURAL RESOURCES LIMITED – Appellant
Versus
ASSISTANT COMMISSIONER OF INCOME TAX – Respondent
JUDGMENT :
N.V. ANJARIA, J.
1. Heard learned advocate Mr. Manish Shah for the petitioner and learned senior advocate Mr. M.R. Bhatt for M.R. Bhatt and Co. for the respondent, at length.
2. The challenge in this Special Civil Application filed under Article 226 of the Constitution is directed against notice dated 26.3.2018 issued by the Assessing Officer to the petitioner company under section 148 of the Income Tax Act, 1961 for the Assessment Year 2011-2012 seeking to re-open the assessment. It is stated in the notice that the Assessing Officer had reasons to believe that income chargeable to tax for the year under consideration had escaped assessment within the meaning of section 147 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’). The further prayer is to set aside order dated 5.10.2018 passed by the Assessing Officer whereby the objections raised by the petitioner to the re-opening of the assessment came to be disposed of and rejected.
3. Noticing the attendant facts, the petitioner, a limited company, engaged in the business of trading in oil products, filed its return of income for the assessment year 2011-2012 on 30.09.2011 declaring total income of Rs. 5,02,82
The main legal point established in the judgment is that the re-opening of a concluded assessment cannot be based on a mere change of opinion by the Assessing Officer, and the duty of the assessee is....
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....
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....
Reopening of assessment under the Income Tax Act after four years is impermissible without failure to disclose material facts; mere change of opinion does not justify such action.
The main legal point established is that the Assessing Officer's belief for the reassessment of income under section 148 of the Income Tax Act is based on subjective satisfaction and the existence of....
Reopening under section 147 invalid if based on borrowed satisfaction from investigation wing without AO's independent application of mind demonstrating live link to non-disclosure of material facts,....
Section 68 of Act, as is well known, provides that where any sum is found credited in books of an assessee maintained for any previous year, and assessee offers no explanation about the nature and so....
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