Case Law Details
Pasari Casting and Rolling Mills Private Ltd Vs Income-tax Department through its NFAC (Jharkhand High Court)
Introduction: In a significant ruling, the Jharkhand High Court addressed the petition of Pasari Casting and Rolling Mills Private Ltd against the Income-tax Department’s reassessment for the Assessment Year 2016-2017. The court’s decision to quash the reassessment orders and related notices underlines the imperative adherence to the principles of natural justice and the procedural norms under the Income-tax Act, 1961.
Detailed Analysis
Case Background and Petitioner’s Grievances
Pasari Casting and Rolling Mills Private Ltd challenged the Income-tax Department’s reassessment order, demand notice, and penalty notice related to the Assessment Year 2016-2017. The petitioner argued that the reassessment proceedings, including the subsequent orders and notices, violated the principles of natural justice and contravened the provisions of the Income-tax Act, 1961.
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