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Income Escaping Reassessment Void if Reasons not supplied
Case Law Details
- Case Name
- CIT (Large Tax Payer Unit), Mumbai vs. IDBI Ltd. (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1993-94
- Courts
- All High Courts, Bombay High Court
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Advocate Akhilesh Kumar Sah
Supply of Reasons Recorded for Making Reassessment is Necessary Otherwise the Income Escaping Assessment shall be Void
Introduction:
In GKN Driveshafts (India) Ltd. vs. ITO [(2003) 259 ITR 19 (SC)], it has been held that when a notice under section 148 of the Income Tax Act, 1961(herein referred to as the ‘Act’) is issued, the proper course of action for the noticee is to file return and if he so desires, to seek reasons for issuing notices. The Assessing Officer(AO) is bound to furnish reasons within a reasonable time. On receipt of reasons, t...
