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The Hon’ble High Court allowed the appeal placing reliance on the decision in case of CIT v. Kelvinator, (2010) 320 ITR 561 (SC) emphasizing that AO has power to re-open, provided there is tangible material to come to the conclusion that there is escapement of income from assessment. Reasons must have a live link with the formation of the belief.
Discover the impact of recent amendments to Section 153 of the Income-tax Act, excluding specific periods for assessment and reassessment. Stay informed on the computation of limitation periods, especially in cases involving audits or exchange of information. Effective from 1st June 2013. Consult tax experts for personalized guidance.
Section 50C is not final determination to prove that it is a case of escapement of income. The report of approved valuer may give estimated figure on the basis of facts of each case. Therefore, on mere applicability of section 50C would not disclose any escapement of income in the facts and circumstances of the case.
Investigation Wing informed the Assessing Officer of the assessee that they have carried out large scale investigation to unearth a huge racket including accommodation entry providers. Such entry providers found to be involved in giving accommodation entries in the form of bogus gifts/loans/share capital money etc.
In our considerate view, Section 147 and 148 are charter to the Revenue to reopen earlier assessments and are, therefore protected by safeguards against unnecessary harassment of the assessee. They are sword for the Revenue and shield for the assessee.
In the instant case, the only question which arises for our consideration and decision is whether the High Court was justified in interfering with the order passed by the assessing authority under Section 148 of the Act in exercise of its jurisdiction under Article 226
The subsequent reversal of the legal position by the judgment of Hon’ble Supreme Court does not authorize the department to reopen the assessement which stood closed on the basis of the law, as it stood at the relevant time.”
Explore Income Tax Act assessments, appeals, and writ jurisdiction. Understand when to use Article 226, backed by a Supreme Court judgment.
The assessment in the instant case was re-opened on the ground that the Special Bench of the Tribunal in the assessee’s own case for AY 2006-07 had reversed the earlier decision of the Tribunal in the assessee’s case for AY 2005-06 whereby the Special Bench held that the commission of Rs.1 .20 crores to the three Directors was in lieu of dividend and the same was not allowable as deduction under Section 36(1)(ii).
Brief facts of the case are that the respondent is a joint venture with Government of Madhya Pradesh, declared its total income nil in its return filed for the assessment year 2001-2002 and 2002-2003. The book profit was calculated under section 115JB of the Act.
