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HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH AT JAIPUR
AVNEESH JHINGAN, MANEESH SHARMA, JJ.
Multimetals Limited – Appellant
Versus
Deputy Commissioner Of Income Tax – Respondent
ORDER :
AVNEESH JHINGAN, J.
1. This petition is filed seeking quashing of order dated 28.03.2022 passed under Section 148A(d) of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’).
2. The relevant facts are that the petitioner is engaged in manufacturing of Seamless Extruded Copper, Nickle, Aluminum, Brass and related products. The petitioner filed income tax return for assessment year 2018-19 declaring income of Rs.10,97,83,780/-. Notice dated 14.03.2022 under Section 148A(b) of the Act was issued stating that the income tax department had information of petitioner having made bogus purchases from M/s.Flash Forge Pvt Ltd. (hereinafter ‘company’).
The notice was responded to on 17.03.2022 wherein the petitioner denied to have made any purchases from company. Rather the stand taken was that the petitioner had made sales to the company. In continuation of the notice, communication dated 20.03.2022 was issued wherein the petitioner was asked to explain the transactions with company. The petitioner filed reply on 21.03.2022 explaining the sales to the tune of Rs.1,22,46,936/- made to company. Along-with reply the purchase orders, copy of letter of credits, invoices wherein the
The court emphasized that reopening assessments under the Income Tax Act requires adherence to mandatory procedures, and failure to provide necessary information to the assessee invalidates the proce....
The main legal point established in the judgment is the significance of adhering to the procedure prescribed under Section 148A of the Income Tax Act, 1961 before initiating reassessment proceedings.....
The Assessing Officer must provide an opportunity for hearing and consider the assessee's objections before issuing a notice under Section 148, ensuring adherence to principles of natural justice.
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....
Notices under Income Tax provisions must adhere to procedural requirements; failure to properly assess basis for reopening invalidates the notices.
Reopening of assessment under the Income Tax Act invalid without approval from the correct specified authority when more than three years have elapsed since the assessment year.
The court upheld the legality of reopening assessments under the Income Tax Act, confirming the Revenue's compliance with procedural requirements and allowing the appellant to address merits in subse....
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