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2014 (9) TMI 829 - HC - Income TaxReopening of assessment u/s 148 – Jurisdiction to issue notice – Full and true disclosure made or not - Held that:- There can be no reason to believe that income chargeable to tax has escaped assessment on the activity of pharmacy carried out at the hospital as decided in Baun Foundation Trust vs. Chief Commissioner of Income Tax and anr. [2012 (4) TMI 172 - BOMBAY HIGH COURT] – the entire issue would require factual determination - The grant of approval u/s 10(23C) (via) of the Act has to be examined /evaluated independently for each AY - All the issues requires factual determination which can be best done by the AO in reassessment proceedings - Thus, it cannot be said that the notices are without jurisdiction – there is no reason to entertain the present petition and injunct the AO from proceeding further with the notices –Decided against assessee.
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