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M/s Standard Chartered Finance Ltd. Versus Commissioner of Income Tax, Bangalore & Another

2016 (3) TMI 150 - SUPREME COURT

Reopening of assessment - HC reversed the view taken by the Tribunal holding that even if there was no original assessment order passed under Section 10 of the Act, there could be re-assessment - Held that:- High Court has wrongly not acted upon the .....

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re is no assessment order passed, there cannot be a notice for re-assessment inasmuch as the question of re-assessment arises only when there is an assessment in the first instance. - Decided in favour of assessee - Civil Appeal No. 1101 of 2016 (Ari .....

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Adv For the Respondent : Mr. Arijit Prasad, Adv. Ms. Gargi Khanna, Adv. Mrs. Anil Katiyar, Adv. Mr. B.V. B. Das, Adv ORDER Leave granted. The matter is heard finally with the consent of the learned counsel for the parties. The issue for consideration .....

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d. However, much after the last date of the Assessment Year is over, the Assessing Officer sought to re-open the assessment by issuing notice under Section 10 of the Act and thereafter proceeded to re-assess the interest chargeable under the aforesai .....

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re-assessment. The Commissioner of Income Tax (Appeals) accepted the aforesaid contention and set aside the re-assessment order. This order was upheld by the Income Tax Appellate Tribunal (hereinafter referred to as 'the Tribunal') as well. .....

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