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Case Law Details

Case Name : M/s. Standard Chartered Finance Ltd. Vs CIT (Supreme Court of India)
Related Assessment Year : 1997-98
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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.

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