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2014 (1) TMI 1400 - ITAT MUMBAIValidity of reassessment proceedings u/s 147 - Held that:- Decision in CIT Vs. Ajanta Pharma Ltd. [2009 (5) TMI 7 - BOMBAY HIGH COURT] was available at the time of issue of notice u/s 147 - Later on the the said decision has been overruled by the Supreme Court and law has also been amended by Finance Act, 2011 - Decision in Commissioner Of Income-Tax Versus Novapan India Limited [1998 (10) TMI 67 - ANDHRA PRADESH High Court] followed - On the basis of any recent judicial decision which subsequently comes to the knowledge of the AO, the AO can reopen the assessment based on such 'information' - The Ld. CIT(A) passed the order on 31.10.2011 and at the time of passing the said order by the Ld. CIT(A), the Finance Act, 2011 deleting the provisions of clause (vi) of 115JB 2 of the Act was available since the same has been passed on 08.04.2011 - Decided against assessee.
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