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2016 (4) TMI 639 - CALCUTTA HIGH COURT

2016 (4) TMI 639 - CALCUTTA HIGH COURT - TMI - Reopening of assessment - Held that:- Once a process of reassessment or the like has been initiated upon the issuance of a notice under Section 148(1) of the said Act, the reasons recorded prior to the issuance of the notice are the only reasons that can be looked into and no further reasons may be added thereto by any subsequent officer who may have received the case upon its transfer.

As to the reasons indicated, there does not appear t .....

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essee. It is most desirable that the exercise be completed by taking the matter to its logical conclusion. - WP 4216 (W) of 2016 - Dated:- 22-3-2016 - Sanjib Banerjee, J. For the Petitioner : Mr Rajarshi Bharadwaj Mr B. Sengupta For the Respondent : Mr Siddhartha Bhattacharya ORDER This is an attempt by an assessee to deny a re-assessment. The matter pertains to assessment year 2008-09. The notice under Section 148 of the Income Tax Act, 1961 and a subsequent order arising in connection therewit .....

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urnished to the petitioning assessee, particularly since the matter was covered by the first proviso to Section 147 of the said Act. The reasons furnished under cover of a letter dated January 4, 2016 indicated that in course of the regular assessment for the assessment year 2012-13, the assessee company was asked to produce the list of its shareholders regarding the issue of fresh shares with a huge share premium, but the assessee had failed to produce the list since the shares may not have bee .....

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e on February 10, 2016. The petitioners claim that the reasons recorded by the assessing officer are erroneous and do not form any ground for reassessment. The petitioners also complain that the deputy commissioner has sought to deal with the petitioners representation without the deputy commissioner applying his independent mind to the matter. As to the Deputy Commissioner of Income Tax, Circle 4 (II), Kolkata taking up the matter, it appears that the jurisdiction over the case has been vested .....

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hich a reassessment may be initiated. The rules are stricter when the proviso to Section 147 of the said Act comes into play; for, some additional material has to be cited for the belief of the assessing officer that any income had escaped assessment. Section 148 (2) requires reasons to be recorded before a notice is issued under such provision. Section 148(1) makes a notice under such provision mandatory before making the assessment, reassessment or re-computation under Section 147 of the said .....

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he extent of the assessee s grievance at such stage must be confined to the assumption of the authority to reassess or the like and the protest must necessarily relate to the perceived failure to comply with the statutory requirements for the assumption of jurisdiction to issue the relevant notice. Ordinarily, the merits of the reasons, particularly when it deals with the treatment of a particular amount or transaction, may not be gone into at this stage since that would be the exercise of the r .....

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