Case Law Details
Troikaa Pharmaceuticals Limited Vs ACIT (Gujarat High Court)
Gujarat High Court held that reopening of assessment under section 148 of the Income Tax Act beyond the period of four years in absence of full and true disclosure of material facts is bad in law.
Facts- The case of the petitioner was selected for scrutiny assessment and notice u/s.142(1) of the Act was issued. The petitioner-assessee, in response to such notice submitted various details. AO after considering the Order Sheet Entry dated 23.07.2015 and the reply submitted by the petitioner, as well as on the basis of the verification of the record of the petitioner, passed the Assessment Order u/s. 143(3) of the Act on 23.03.2016.
The respondent issued notice u/s.148 of the Act on 06.03.2020. The petitioner-assessee by letter dated 11.03.2020, challenged the validity of the said notice followed by a letter dated 30.05.2020 stating that the petitioner has filed the return of income in response to the notice u/s.148 of the Act with a request to provide the copy of the reasons recorded for reopening of the case.
Despite anomalies carried out by the respondent, the petitioner made due compliance against the reasons recorded by raising the objections against the reasons recorded within the requisite time frame vide letter dated 16.07.2020.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
