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The Commissioner of Income Tax, (Large Tax Payer Unit) , Mumbai Versus M/s. IDBI Ltd.

2016 (10) TMI 166 - BOMBAY HIGH COURT

Reopening of assessment - Assessee was unaware of the reasons for reassessment - Held that:- The only basis for the submission made by the Revenue before the Tribunal that the Respondent Assessee is a public sector institution who was aware that search action has been initiated on certain lessees in respect of transactions with IDBI i.e. RespondentAssessee. On the basis of the above, it is to be inferred that the reason for reassessment was known to the Respondent Assessee. The supply of reason .....

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nicated to the Respondent Assessee in spite of its repeated requests. Thus, the grievance of the Revenue on the above count is unsustainable. - Decided in favour of assessee - Income Tax Appeal No. 494 of 2014 - Dated:- 19-9-2016 - M. S. Sanklecha And S. C. Gupte, JJ. Mr. A.R. Malhotra, a/w. Mr. N.A. Kazi, for the Appellant Mr. Satish Mody, a/w. Ms. Aasifa Khan, for the Respondent ORDER P. C. This appeal under Section 260A of the Income Tax Act, 1961 ( the Act ) challenges the order dated 12 Dec .....

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nces of the case and in law, the Tribunal is right in deleting the depreciation disallowed by the Assessing Officer on the 'leased' assets? 3. Re.: Question (A) (i) For the Assessment Year 1993-94, the regular assessment was completed by an order dated 26 March 1996 u/s. 143(3) of the Act. Thereafter, on 9 December 1996, the Assessing Officer issued a notice u/s. 147 read with Section 148 of the Act, seeking to reopen the assessment for the Assessment Year 199394. On receipt of notice, t .....

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n its appeal, the RespondentAssessee inter alia challenged the jurisdiction of the Assessing Officer to complete the assessment on a reopening notice under Section 148 of the Act without having supplied the copy of the reasons in support of the impugned notice to the Appellant and also on merits i.e. depreciation on leased assets. By an order dated 19 December 2003, the CIT(A) dismissed the Respondent Assessee's appeal to the extent it related to the lack of jurisdiction with the Assessing O .....

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resaid facts, the impugned order of the Tribunal by placing reliance upon the decisions of this Court in Siesta Steel Construction (P.) Ltd. vs. K.K. Shikare [1984] 17 Taxman 122(Bom.) page 547, CIT vs. Fomento Resorts and Hotels Ltd. Income Tax Appeal No.71/2006 and upon the decision of its coordinate bench in case of Tata International Ltd. vs. DCIT ITA Nos.3359 to 3369/Mum/2009 concluded that the nonsupply of reasons in support of the reopening notice would make the order passed thereon bad i .....

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espondent Assessee was aware of the reasons for reassessment. The only basis for the aforesaid submission is the submission made by the Revenue before the Tribunal that the Respondent Assessee is a public sector institution who was aware that search action has been initiated on certain lessees in respect of transactions with IDBI i.e. RespondentAssessee. On the basis of the above, it is to be inferred that the reason for reassessment was known to the Respondent Assessee. The supply of reason in .....

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