S.V.S. Securities Ltd Vs ACIT (Bombay High Court)
The Bombay High Court considered a writ petition challenging reassessment proceedings initiated under Section 148 of the Income Tax Act for Assessment Year 2015-16. The petitioner challenged the reassessment proceedings primarily on the ground that the reassessment order had become barred by limitation.
The petitioner had originally filed its return of income declaring total income of Rs.3,64,55,020 for AY 2015-16. A regular assessment under Section 143(3) was completed on 28.12.2017. Subsequently, a notice dated 04.02.2020 was issued under Section 148 seeking to reopen the assessment. The petitioner filed its return in response to the notice, after which notices under Sections 143(2) and 142(1) were issued.
The petitioner filed objections to the reopening proceedings on 23.03.2021, which were rejected on 29.07.2021. Thereafter, the petitioner approached the High Court in an earlier writ petition challenging the Section 148 notice and the order disposing of objections.
By order dated 29.08.2023, the High Court remanded the matter to the Jurisdictional Assessing Officer (JAO). The Court directed the officer to provide the reasons recorded for reopening along with the required satisfaction note, permitted the petitioner to file fresh objections, and directed that the objections be decided after granting a personal hearing. The Court also clarified that it had not expressed any opinion on the merits of the case.
