Case Law Details
Case Name : Sun Pharmaceutical Industries Ltd. Vs DCIT (Delhi High Court)
Related Assessment Year : 2004-2005
Courts :
All High Courts Delhi High Court
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Issue involved:- Whether the reassessment proceedings initiated vide Notice u/s 148 of the Act, on the basis of an audit objection, is sustainable in law?
Importance: Vide this judgment, the Hon’ble Delhi High Court was pleased to read down the effect of para 4 of Instruction No. 9 of 2006, which provided that the AO was compelled to initiate reassessment in case of an audit objection, even if the AO is not in agreement with the objections of the Audit party. The High Court has observed that “instruction No.9 of the CBDT dated 7th November, 2006 cannot possibly override the statutory pow...
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Sir,
The Assessing Officers and the CIT(A) will be reluctant to follow the said judgement because of obvious reasons and as they are monitored by CCIT’s, although they have to discharge judicial functions.
The judgement is in the right direction and in conformity with Justice Eswar Committee recommendations.
Lets hope better sense prevails on the Department.