Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2023 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 1343 - CALCUTTA HIGH COURTReopening of assessment u/s 147 - period of limitation - issuance of notice and initiation of reassessment proceedings are beyond the period of six years - Ld. State vehemently opposed the interim order as prayed for by the petitioner on the ground that the limitation is not applicable in the case of the petitioner and the assessment of tax is the fraudulent reversal of the Stock Exchange - HELD THAT:- Considered the rival submissions of the respective parties, this Court finds that the matter is required to be heard on merit only after exchange of affidavits and, as such, this Court, prima facie, is of the view that if, at this stage, no stay is granted, the petitioner will be prejudiced. Accordingly, the respondents are directed to file affidavit-in-opposition within eight weeks from date; reply thereto, if any, within three weeks thereafter. In the meantime, there will be no further proceedings on the basis of the impugned order being annexure P-4 of the writ petition till disposal of the writ application. Let the matter appear before the next available Circuit Bench after completion of the period of 11 weeks.
|