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M.G.M. India Benefit Fund Versus The Deputy Commissioner of Income Tax

2015 (10) TMI 1087 - MADRAS HIGH COURT

Reopening of assessment - Held that:- This court is of the considered view that the petitioner could be directed to file necessary returns and thereafter claim necessary particulars from the assessing authority and on receipt of such reasoning for reassessment, the petitioner shall redress his grievance in accordance with law.

Writ petition is disposed of and the petitioner is directed to file necessary returns and thereafter claim necessary particulars from the assessing authority gi .....

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me Tax Act, 1961 for reassessment on the ground that there is reason to believe that income chargeable to tax for the assessment year 1996-97 has escaped from assessment, the petitioner is now before this court. 2. The case of the petitioner in brief is as follows:- The petitioner is a partnership firm and it is engaged in the business of Finance and Leasing, lending both on the basis of securities offered and personal guarantee of borrowers. Apart from the above, the petitioner owned tankers fo .....

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pondent on 06.10.1998. In the mean time, a notice under Section 148 of the Act came to be issued on 19.03.1998 assuming jurisdiction under Section 147 of the Act and a consequential assessment was framed on 24.03.2000 in terms of Section 143(3) r/w 147 of the Act by the respondent. There was a difference in respect of income chargeable to tax for the assessment year 1996-97 between the respondent and the petitioner relating to lease rental income on cinematograph films. The petitioner claimed hu .....

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carefully. 4. Challenge in this writ petition is to the reassessment proceedings. The respondent issued a notice for reassessment on the ground that there is a reason to believe that the petitioner's income chargeable to tax for the assessment year 1996-97 has escaped from assessment. Questioning the jurisdiction of the assessing officer for proceeding further with reassessment, the petitioner is before this court. 5. The learned counsel appearing for the petitioner would submit that Section .....

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