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SAUMITRA DAYAL SINGH, DONADI RAMESH
Mahesh Kumar Verma – Appellant
Versus
Union of India – Respondent
JUDGMENT
Heard Sri. Kishore Kunal along with Ms. Parinita Gupta, learned counsel for the petitioner, Sri. Gaurav Mahajan, learned counsel for Income Tax Department and Sri. Manu Ghidyal, learned counsel for the revenue.
2. Present petition has been filed for following relief:
3. Submission is that information was received by the revenue of unaccounted cash entries made in the bank accounts of the petitioner by the entities M/s Himani International, M/s Bhawani Trading Co., M/s V N Trading Co. and M/s Olivia Tradelinks India Pvt. Ltd.
4. While the petitioner offered explanation with respect to each of the above four depositors, reassessment proceeding have been drawn up solely on the strength of information received with respect to deposits made by M/s Olivia Tradelinks
The court held that failure to provide complete information to the petitioner in reassessment proceedings violated due process under the Income Tax Act.
Reassessment notices under the Income Tax Act are valid if no prior opinion was formed on the income in question, highlighting the independent jurisdiction of assessing authorities.
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.
Reassessment proceedings cannot be solely based on mere suspicion and must be supported by concrete evidence or material.
The court upheld the authority of the Assessing Officer to reassess income under amended provisions of the Income Tax Act, reinforcing that objections can be addressed during reassessment proceedings....
The Assessing Officer must provide clear, reasoned beliefs for reopening assessments; vague and cryptic reasons do not justify jurisdiction under the Income Tax Act.
An order passed under Section 148A(d) of the Income Tax Act, 1961, must not travel beyond the scope of the show-cause notice issued under Section 148A(b); any introduction of new grounds without prov....
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