Case Law Details
Magma HDI General Insurance Co. Ltd. Vs. ITO (Calcutta High Court)
Mr. Dutta could not satisfy this Court about what new material of documents came into the possession of the Assessing Officer after the order of assessment under Section 143(3) of the Act, which were not produced by the assessee before the Assessing Officer in course of regular assessment. Mr. Dutta in support of his contention also relies on Explanations (I) and (III) under Section 147 of the Act. In my considered opinion, the submission of Mr. Dutta is not convincing and acceptable and he has failed to meet the allegations of the petitioner as recorded above.
Considering the submission of the parties, I am inclined to set aside the impugned order dated July 30, 2021 of rejecting the objection of the petitioner to the recorded reason and subsequent notice under Section 142(1) of the Act and remand the case to the Assessing Officer for a limited purpose and only to the extent to reconsider the aforesaid judgment of the Tribunal on the issue in question in the case of Deputy Commissioner of Income-tax, Circle-6, Kolkata Vs. National Insurance Co. Ltd. reported in (2016) 72 taxmann.com 116 (Kolkata-Trib.) and also the contention of the petitioner about the change of opinion and pass a fresh speaking order after giving opportunity of hearing to the petitioner or his authorised representative within four weeks from the date of communication of this order. The subsequent proceeding under Section 147 of the Act will depend upon the fresh order to be passed by the respondent-Assessing Officer concerned after considering the aforesaid judgment of the Tribunal.
FULL TEXT OF THE ORDER OF ITAT CALCUTTA
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