Case Law Details
Ashika Credit Capital Limited Vs Union of India And Ors. (Calcutta High Court)
Mr. Roy Chowdhury, learned advocate appearing for the Revenue was asked to produce the record to establish that the recorded reasons were existing at the time of issuance of impugned notice under Section 148 and initiation of impugned assessment proceeding under Section 147 of the Act to which Mr. Roy Chowdhury failed and showed his inability to produce any record to show that at the time of issuance of impugned notice under Section 148 and initiation of reopening of assessment proceeding under Section 147 of the Act it was existing and as a consequence this Court has to presume that at the time of issuance of impugned notice under Section 148 of the Act and initiation of impugned reassessment proceeding under Section 147 of the Act, there was no existence of any recorded reasons which is a condition precedent for initiation of impugned proceeding for reopening of assessment under Section 147 of the Income Tax Act, 1961 and as such the impugned notice is not sustainable in the eye of law and has to be quashed and all subsequent proceedings on the basis of the impugned notice also cannot survive.
Accordingly, the impugned notice dated 30th March, 2021 under Section 148 of the Act and all subsequent proceedings on the basis of the said notice are also quashed.
FULL TEXT OF THE JUDGMENT/ORDER OF CALCUTTA HIGH COURT
The Court: Heard learned Advocates appearing for the parties.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
