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SAUMITRA DAYAL SINGH, CHANDRA KUMAR RAI
Arb Hotels Resorts Private Limited – Appellant
Versus
Principal Chief Commissioner of Income Tax – Respondent
JUDGMENT
Heard Sri Ashish Bansal learned counsel for the petitioner and Sri Manu Ghildayal learned counsel for the revenue.
2. Present writ petition has been filed by the assessee to question the reassessment proceedings initiated in its case under section 148 of the INCOME TAX ACT , 1961 (hereinafter referred to as 'the Act') pursuant to the earlier order passed under Section 148(a) (d) of the Act, dated 31.7.2022 and the consequent notice issued on that date.
3. Submission of learned counsel for the petitioner is, the very initiation of the reassessment proceedings was bad. The Assessment Year in question is 2013- 2014. Three years from the end of that Assessment Year expired on 31.3.2017. By virtue of mandatory provisions of Section 149 of the Act read with relevant Circular of the CBDT, no reassessment proceedings may have been initiated against the petitioner after 31.3.2017 if the component of income alleged to have escaped assessment was less than 50 Lakhs.
4. In the present case, relying on the view now expressed by the assessing authority contained in its final show cause notice dated 12.5.2023, it has been vehemently urged, the objection raised by the petitioner at the ini
The court established that under the amended Section 148A of the Income Tax Act, the requirement to record 'reason to believe' has been replaced with a subjective decision-making process, allowing fo....
Reassessment under Section 147 after four years requires proof of failure to disclose material facts, which was not demonstrated in this case.
Reassessment under Section 147 requires proof of failure to disclose material facts during the original assessment, which was not demonstrated in this case.
A reassessment notice must be based on specific and valid information suggesting income has escaped assessment, and changing the basis for reassessment mid-proceeding is impermissible under the Incom....
The amended Income Tax Act allows reassessment without prior 'reason to believe', broadening the scope for initiating proceedings based on third-party information.
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