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2021 (4) TMI 1028 - HC - Income TaxReopening of assessment u/s 147 - reference to the Settlement Commission in terms of Section 245F(2) - HELD THAT:- Prima facie, it appears that the assessment order passed in respect of petitioner's trust for the Assessment Year 2014-15 is already under reference to the Settlement Commission in terms of Section 245F(2) of the Act, which has been allowed to be proceeded with under Section 245D of the Act. Further, proceedings of the Settlement Commission have already been stayed vide order of the Hon'ble Supreme Court indicated here-in-above. Furthermore, it is undisputed that the order passed under Section 12AA of the Act is already under challenge before this Court. Once the aforesaid proceedings are already pending consideration of this Court, it does not appear to reason as to why the fresh re-asseement notice was required to be issued at this stage. The matter requires consideration for which the opposite parties are granted four weeks' time to file detailed counter affidavit.
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