INCOME TAX ACT, 1961

Section 148

Reassessment - Notice under section 148 - Reason to believe - Information received from investigation wing--Assessee pleading no application of mind on AO's part and issuance of notice in wrong name and address

AO based on information emanated from investigation wing (as to assessee having routed its unaccounted money in the guise of share capital through entry providers, reopened assessment by issuing notice under section 148. Assessee's case was that notice under section 148 and reassessment order had been passed in wrong name and address and also there was non-application of mind by AO while recording reasons before issuance of notice under section 148.Held: There had been only a change in the name of entity and besides that, there was no change in corporate identity of assessee-company. It was therefore, not a case where assessee-company ceased to exist and/or amalgamated with any other existing/new entity and notice under section 148 has been issued and assessment under section 143(3) read with section 147 had been completed in the name of non existent entity. Further, information received from investigation wing. constituted a tangible material to form belief that income had escaped assessment hence, there was no infirmity in exercising jurisdiction under section 148.

REFERRED :

FAVOUR : Against the assessee.

A.Y. : 2008-09

INCOME TAX ACT, 1961

Section 68

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