| |
| The Tax Publishers2019 TaxPub(DT) 8353 (SC) INCOME TAX ACT, 1961,
Section 261 Section 147
Where the Department preferred SLP to appeal against the judgment of Bombay High Court in South Yarra Holdings v. ITO & Anr. [Writ Petition No. 3398 of 2018, dt. 1-3-2019] : 2019 TaxPub(DT) 2746 (Bom-HC), whereby the High Court held that it is a settled position in law that re-opening of an assessment has to be done by AO on his own satisfaction i.e., reopening notice cannot be issued at the satisfaction of some other authority. Therefore, in the instant case reopening of assessment on receipt of information from Investigation Wing that lead to escapement of income without any further examination in the context of the facts on record by AO was not valid. Hence, the notice of reopening was liable to be quashed, the Supreme Court dismissed the SLP, however, leaving all questions of law open to be considered in an appropriate matter.
|
Appeal (Supreme Court) - Special leave petition - Reassessment - Validity--Reopening on the basis of information received from Investigation Wing--Non-recording of AO's own satisfaction
Department preferred SLP to appeal against the judgment of Bombay High Court in South Yarra Holdings v. ITO & Anr. [Writ Petition No. 3398 of 2018, dt. 1-3-2019] : 2019 TaxPub(DT) 2746 (Bom-HC), whereby the High Court held that It is a settled position in law that re-opening of an assessment has to be done by AO on his own satisfaction i.e., reopening notice cannot be issued at the satisfaction of some other authority. Therefore, in the instant case reopening of assessment on receipt of information from Investigation Wing that lead to escapement of income without any further examination in the context of the facts on record by AO was not valid. Hence, the notice of reopening was liable to be quashed. Held: The Supreme Court dismissed the SLP, however, leaving all questions of law open to be considered in an appropriate matter.
 SUBSCRIBE FOR FULL CONTENT
|