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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.
Bombay High Court held In the case of M/s. Bayer Material Science Pvt. Ltd. vs. DCIT that the draft Assessment order was passed on 30th March, 2015 without having disposed of the Assessee’s objections to the reasons recorded in support of the impugned notice.
It remains undisputed that in the reasons recorded by the AO, there is no allegation, much less any specific one, regarding any alleged failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment.
While granting sanction u/s 151 of the I.T Act,1961 for granting sanction for approval of re-assessment proceedings it is necessary for the authorithy to apply his/her mind. Mere affiction of signature along with date cannot be considered as proper approval.
A plain reading of reasons, gives rise to doubts whether some lines have gone missing or some punctuation marks have been left out. Grammatically also the reasons recorded make little sense. It is well settled that the reasons recorded for reopening the assessment have to speak for themselves.
ITAT Mumbai held In the case of ACIT vs. Reliance Industrial Infrastructure Ltd. that on perusal of the reasons recorded by AO for initiating the re-assessment proceedings, it is clear that the said details were available while completing the assessment u/s 143(3). Further, the AO has reopened the assessment after expiry of four years from the end of the relevant assessment year.
There has been prevailing in the Income-Tax Department a very erroneous impression that under the provisions of the amended section 147 of the Income-Tax Act, 1961 (the Act), with effect from 1st April, 1989, the Assessing Officer (AO) has got unbridled powers to assess or reassess income which has escaped assessment. This is so, particularly, in respect of cases where no assessment has been made under section 143(3) of the Act
Recently, I had an occasion to deal with a case, where no notice under section 143(2) of the Income‑Tax Act, 1961 (the Act), was served on the assessee, within the stipulated period of twelve months. But after the expiry of the aforesaid period, the Assessing Officer (AO) issued a notice under section 148 read with section 147 of the Act. We requested the AO to supply us the reasons recorded under section 148, which the AO did.
Delhi High Court held In the case of Dushyant Kumar Jain vs. DCIT held that it is only the AO who has issued the original assessment order under Section 143 (3) ,who is empowered to exercise powers under Section 147/148 to re-open the assessment.
Sun Pharmaceutical Industries Ltd. Vs. DCIT (Delhi High Court) Vide this judgment, the Hon’ble Delhi High Court was pleased to read down the effect of para 4 of Instruction No. 9 of 2006, which provided that the AO was compelled to initiate reassessment in case of an audit objection, even if the AO is not in agreement with the objections of the Audit party.
