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DEPUTY COMMISSIONER OF INCOME-TAX AND ANOTHER Versus ZUARI ESTATE DEVELOPMENT AND INVESTMENT COMPANY LTD.

2015 (8) TMI 480 - SUPREME COURT

Reopening of assessment - Capital gains arising on the sale of the premises should not be taxed in the assessment year 1991-92 - HC allowed assessee appeal on validity of reopening notice - Held that:- After going through the detailed order passed by the High Court, we find that the main issue which is involved in this case is not at all addressed by the High Court. Since the assessee's return was accepted under section 143(1) of the Income-tax Act, there was no question of "change of opinion" i .....

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t proceedings even when intimation under section 143(1)

The offshoot of the aforesaid discussion is to hold that the judgment of the High Court is erroneous and warrants to be set aside. We allow this appeal setting aside the impugned judgment of the High Court. - Decided in favour of revenue. - Civil Appeal No. 6758 of 2004 - Dated:- 17-4-2015 - A. K. SIKRI AND ROHINTON FALI NARIMAN, JJ. JUDGMENT 1. The admitted facts are that the Income-tax return filed by the respondent-assessee fo .....

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same at certain consideration. After the bank had paid to the assessee-company on June 20, 1984, the sum of ₹ 84,47,111, being 90 per cent. of the consideration agreed upon, the assessee put and handed over possession in part performance of the agreement of sale to the bank on June 20, 1984, itself. By letter dated June 12, 1990, in terms of clause 5 of the agreement of sale dated June 19, 1984, the bank called upon the assessee to complete the transactions and convey the property to the b .....

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e year 1991 had disclosed the amount of ₹ 84,47,112 by it as a current liability under the heading "advance against deferred sale of building". In the course of assessment proceedings for the assessment year 1994-95, the Assessing Officer raised a query as to why the capital gains arising on the sale of the premises should not be taxed in the assessment year 1991-92. On this basis, notice dated December 4, 1996, under section 143 read with section 147 of the Income-tax Act was se .....

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e is not at all addressed by the High Court. A contention was taken by the appellant-Department to the effect that since the assessee's return was accepted under section 143(1) of the Income-tax Act, there was no question of "change of opinion" inasmuch as while accepting the return under the aforesaid provision no opinion was formed and, therefore, on this basis, the notice issued was valid. We find that this aspect is squarely covered by the judgment of this court in Asst. CIT v. .....

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mended pro vision, the requirement of passing of an assessment order has been dispensed with and instead an intimation is required to be sent. Vari ous circulars sent by the Central Board of Direct Taxes spell out the intent of the Legislature, i.e., to minimise the Departmental work to scrutinise each and every return and to concentrate on selective scru tiny of returns. These aspects were highlighted by one of us (D. K. Jain J.) in Apogee International Ltd. v. Union of India**. It may be noted .....

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