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Reopening based on mere Shah Commission Report not Valid if no Application of Mind by AO
Case Law Details
- Case Name
- Sesa Sterlite Ltd. Vs ACIT (Bombay High Court at Goa)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All High Courts, Bombay High Court
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Sesa Sterlite Ltd. Vs ACIT (Bombay High Court at Goa)
Section 147 : Reassessment-After the expiry of four years-Shah Commission’s report- Cash credit -Under-invoicing -Merely on basis of Shah Commission’s Report opining that there was under-invoicing of export price by iron-ore miners and exporters, reassessment could not be initiated when there was nothing to indicate that any particular income had accrued to anyone as a result of price difference-Notice based on report of commission is held to be not valid. [S. 28(1) , 68 ,148] The petition was carrying on business of mining and export o...
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