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Discover the penal provisions for non-compliance of cost audit reports under Section 148 of the Companies Act, 2013, and ensure timely submission to avoid penalties.
The Author in this article discusses the differing views taken by two high courts (exactly opposing views) on the question of limitation as to whether proceedings for AY 2013-14 and AY 2014-15 can be re-opened by issuing notice u/s 148 (deemed to be 148(b) of the Income Tax Act, 1961 [the ITA] from 01-Apr-2021 to 30-Jun-2021. (the Specified Period)).
Hc held that alternative remedy will not operate as an absolute bar for entertaining the writ petition as jurisdictional issue goes to the root of the matter. Therefore, we are of the view that appellant has made out a case for entertaining this appeal” and had also stayed the further re-assessment proceedings.
Orbit Projects Private Limited Vs ITO (Calcutta High Court) Sub- Whether an Assessing officer ignoring the judgement of Calcutta high court in the case of assessee itself issue a fresh notice u/s 148 disregarding the fact that the company in whose name the notice is issued is no longer in existence and for this very […]
As per the Finance Act 2021, the re-assessment notice can only be issued to an assessee under Section 148 of the Act when there is an information with the jurisdictional Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant Assessment Year with the prior approval of the specified authority under Section 151 to issue such notice.
Bombay High Court held that in the present case there is full and true disclosure on the part of the petitioner. Reopening of assessment, on the ground that another director of the same company has disclosed the income differently is evidently a change of opinion and unsustainable in law.
Bombay High Court held that failure on the part of the assessee is a prerequisite for invoking jurisdiction for reopening of assessment. In absence of the same, reopening of assessment is unsustainable and liable to be set aside.
Reopening notice was issued without any tangible material. Mere change of opinion not provide jurisdiction to Revenue to re-open assessment.
Bombay High Court held that reopening of assessment on the basis of change of opinion without reasons to indicate failure on the part of the petitioner to disclose truly and fully all the material facts is untenable in law.
Bombay High Court held that assessment order was passed after post considering the submission from the assessee regarding deduction under section 80P. Hence, reopening of assessment in absence of any new tangible material is unsustainable in law.
