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RITU BAHRI, MANISHA BATRA
Max Financial Services Limited – Appellant
Versus
Deputy Commissioner of Income Tax – Respondent
| Table of Content |
|---|
| 1. petition to quash notice under income tax act. (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. arguments regarding investment in property. (Para 8 , 20) |
| 3. legal complexities from business restructuring. (Para 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18) |
| 4. assessment completion acceptance and implications. (Para 19 , 22 , 24) |
| 5. writ petition allowed, notice set aside. (Para 25) |
JUDGMENT
Ritu Bahri, J. (Oral)
This petition has been filed seeking quashing of the notice dated 31.03.2021 issued under section 148 of the INCOME TAX ACT , 1961 (Annexure P-1) and the order dated 23.11.2021 (Annexure P-7) whereby, objections filed to the reasons recorded under section 148 of the INCOME TAX ACT , 1961 have been dismissed.
2. The brief facts of the present case are that the petitioner-assessee is a company incorporated on 24.02.1988 under the Companies Act, 1956 having its registered office at Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, Nawanshar, Punjab engaged in the business of manufacturing and sale of BOPP metalized films, BOPP unmetalized films, thermal lamination and leather finishing foil. The petitioner-assessee filed its return of income for assessment year 2014-15 on 29
Court cannot strike down reopening of case on these grounds and it will be open to assessee to prove that assumptions of facts made in notice were erroneous.
Point of Law : Section 148 of the Act, 1961 suffers from any illegality nor the impugned order rejecting the objection of the petitioner suffers from any infirmity, which, under the circumstances, ca....
Reopening of income tax assessments requires new tangible material; mere change of opinion is insufficient.
Reopening of assessments under the Income Tax Act requires new material facts; mere change of opinion is insufficient.
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