Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

MARDIA STEEL LIMITED (IN LIQUIDATION) Versus DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4

2016 (8) TMI 520 - GUJARAT HIGH COURT

Block assessment framed u/s.158BC - necessity of issuing statutory notice u/s.143(2) - Held that:- As considering the decision of this Court in the case of Hotel Blue Moon [2010 (2) TMI 1 - SUPREME COURT OF INDIA] he questions, which are raised in the present appeal are required to be answered in favour of the assessee wherein held by the Apex Court that if an assessment is to be completed under Section 143(3) read with Section 158BC, notice under section 143(2) should be issued within one year .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

TT, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench D (hereinafter referred to as ITAT) dated 12.05.2006 in ITA No. 40/Ahd/2001 for the Block Assessment Period 01.04.1986 to 09.01.1997, the assessee has preferred the present Tax Appeal for consideration of the following substantial questions of law: (i) Whether in the facts and circumstances of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

larized and ratified ? 2. A search was conducted at the premises of assessee and notice u/s 158BC was issued requiring the assessee to furnish return of income for the block period from 01.04.1986 to 09.01.1997. The return of income was filed showing total undisclosed income at Rs. NIL and consequently assessment was framed under Section 158BC read with section 143(3) of the Income Tax Act, 1961 ( hereinafter referred to as the Act ) determining undisclosed income of ₹ 81,22,26,219/-. On a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s submitted that as such the issue involved in the present Tax Appeal is now not res integra in view of the decision of the Apex Court in the case of Assistant Commissioner of Income Tax and Another vs. hotel Blue Moon reported in [2010] 321 ITR 362 (SC) wherein the Apex Court has held as under. Section 158BC provides for enquiry and assessment. After the return is filed, clause (b) of section 158BC provides that the Assessing Officer shall proceed to determine the undisclosed income of the bloc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

o be completed under section 143(3) read with section 158BC, notice under section 143(2) should be issued within one year from the date of filing of the block return. Omission on the part of the assessing authority to issue notice under section 143(2) cannot be a procedural irregularity and is not curable. Therefore, the requirement of notice under section 143(2) cannot be dispensed with 4. Mr. M.R. Bhatt, learned Senior Advocate appearing with Ms. Mauna Bhatt, learned advocate on behalf of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version