Case Law Details
Brief of the Case
Supreme Court held In the case of M/s. Standard Chartered Finance Ltd. vs. CIT that the question of reassessment arises only when there is an assessment in the first instance i.e. no reassessment is possible without original assessment order passed. The High Court has wrongly not acted upon the ratio laid down in Trustees of H.E.H. The Nizam’s Supplemental Family Trust’s [2000] 242 ITR 381 SC which squarely applies in the instant case in favour of the assessee.
Facts of the Case
The admitted facts are that on the return filed by the assessee for this Assessment Year, no assessment order was passed. However, much after the last date of the Assessment Year is over, the Assessing Officer sought to re-open the assessment by issuing notice under Section 10 of the Act and thereafter proceeded to re-assess the interest chargeable under the aforesaid Act. The matter was carried in appeal by the assessee.
Contention of the Assessee
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What is the remedy for the department if they want to act on AIR information and other informations received by them.