Case Law Details
Case Name : CIT Vs. M/s India Sea Foods (Kerala High Court)
Related Assessment Year :
Courts :
All High Courts Kerala High Court
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If an assessment happens to be an under-assessment or a mistaken order, the course open to the AO is either to rectify the mistake u/s 154 or to make a reassessment u/s 147. While, it is correct, as held in EID Parry 216 ITR 489 (Mad), that the AO has to choose between the two and cannot initiate both proceedings at the same time, the principle of constructive res judicata made applicable by the Madras High Court that the AO having initiated rectification proceedings u/s 154 should stick to the same only and cannot drop that and proceed u/s 147 is not acceptable. The fact that the AO invoked s...
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But Kerala HC Order is silent as to the closure / dropping of proceedings u/s 154 before issuing notice u/s 148 as both the proceedings can not be valid simultaneously ???
An eye opening and wonderful order to thwart the malafide intention of tax evaders who wish to escape tax net or understate their income by taking benefits of technical lapses.