Case Law Details
DCIT Vs Thulasi Mohan Constructions Pvt. Ltd. (ITAT Chennai)
Introduction: The case of DCIT Vs. Thulasi Mohan Constructions Pvt. Ltd. (ITAT Chennai) revolves around a dispute concerning capital gains in the context of a business slump sale. In this assessment for the year 2011-12, the Revenue challenged the order of the Commissioner of Income Tax (Appeals) dated 13-09-2019.
Detailed Analysis: The core issues addressed in this case include:
i. Jurisdiction and Reopening: The assessee contested the assumption of jurisdiction, claiming that the notice under section 148 was served without a valid basis. It argued that an assessment under section 143(3) had already been completed.
ii. Existence of the Firm: The central point of contention was whether the firm (M/s. Thulasi and others) was in existence after the business was taken over by M/s. Tulasi Mohan Constructions Pvt. Ltd. The firm had filed its income tax return for AY 2011-12. The assessing officer had issued a notice under section 148 in the name of the firm.
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