ITO Vs Dhanstock And Share Brokers Pvt Ltd (Calcutta High Court)
The appeal by the revenue was centered around an order passed under Section 148A(d) of the Income Tax Act, 1961, dated July 28, 2022, for the assessment year 2014-15. The Single Bench had quashed this order, deeming it barred by limitation. The learned senior standing counsel for the appellant, Mr. Prithu Dudheria, and the learned counsel for the respondent, Mr. Hemant Tiwari, presented their arguments before the court.
A crucial aspect of the case was the precedent set by a similar matter in M/s. Arati Marketing Pvt. Ltd. Vs Union of India & Ors. In this case, the Single Bench had addressed identical issues concerning reassessment proceedings for the same assessment year. By a common judgment dated February 9, 2024, all writ petitions related to the assessment year 2014-15 were allowed, which significantly influenced the decision in the present case.
Mr. Dudheria highlighted that an appeal against the judgment of the High Court at Guwahati was pending before the Supreme Court. The revenue had also appealed the decision in M/s. Arati Marketing Pvt. Ltd., and this appeal was tagged with the one against the Guwahati High Court’s judgment. This ongoing litigation in the Supreme Court added a layer of complexity to the proceedings.
Comments are closed.