Case Law Details
CIT Vs Mr. John Ettimootil Samuel (Madras High Court)
1. Sets aside reassessment framed u/s 147 after expiry of four years of assessment u/s 143(3), holding that the assessee had disclosed all material facts in the original assessment qua consideration and deemed consideration u/s 50C of the Act.
2. The Tribunal was fully justified in holding that the reopening of the assessment could not have been made in the facts and circumstances of the case and we find no question of law, much less substantial question of law arising for consideration in this appeal.
FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT
This appeal, by the appellant/Revenue, filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”), is directed against the order dated 26.11.2012 made in I.T.A.No.1703(Mds)/2012 on the file of the Income Tax Appellate Tribunal ‘D’ Bench, Chennai (for brevity “the Tribunal”) for the assessment year 2005-06.
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