Adani Wilmar Limited Vs ACIT (Gujarat High Court)
Gujarat High Court held that reassessment under section 148 of the Income Tax Act is liable to be quashed in as much as all the necessary information were supplied by the assessee and there was no failure to disclose any material fact. Accordingly, reopening quashed.
Facts- The petitioner is a limited company and is one of the importers and refiners of edible oil in India. The case of the petitioner was selected for scrutiny and the assessment order u/s. 143(3) of the Act was passed. Respondent thereafter issued the impugned notice under section 148 of the Act dated 24.03.2020 reopening the Assessment for the Assessment Year 2013-2014.
The petitioner assessee raised various objections on merits and requested the respondent to drop the reassessment proceedings vide letter dated 10.12.2020. Respondent vide order dated 30.12.2020 disposed off the objections. Being aggrieved, the petitioner has preferred this petition.
Conclusion- Held that the petitioner had provided all the necessary details vide replies dated 15.12.2016 and 20.12.2016. The respondent thereafter being satisfied with the information supplied by the petitioner framed assessment under section 143(3) of the Act. The Assessing Officer therefore, could not have assumed the jurisdiction to issue impugned notice under section 148 of the Act and the impugned notice and the proceedings pursuant thereto cannot be sustained. Thus, considering the facts of the present case, this petition succeeds and is accordingly allowed. The impugned notice dated 24.03.2020 issued under Section 148 of the Act as well as the impugned order dated 30.12.2020 disposing off the objections raised by the petitioner against the notice of reopening the assessment are hereby quashed and set aside. Rule is made absolute accordingly with no order as to cost.
