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M/s. HB Stockholdings Ltd. Versus The Assistant Commissioner of Income Tax

2017 (1) TMI 1101 - DELHI HIGH COURT

Validity of reopening of assessment - period of limitation - Held that:- So far as the petitionerís claim with respect to the notice being time barred are concerned, there is really no answer. The notice was indefensible when looked at from any angle. The notice was indefensible when looked at from any angle. The period of limitation prescribed by Section 147 (1) in respect of the time within which notice can be issued is absolute and does not call for any exception. Having regard to this incura .....

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sessments were completed after the search and seizure proceedings took place on 07.08.1997. If in fact the search and seizure proceedings alerted the Revenue as to the possibility of the assessee having practiced deceit as is being alleged now, there was nothing which prevented it from carrying out proper investigation and enquiry during the regular assessments which were completed but after the search. Having failed to do so, it cannot now merely at the instance of the ITAT through stray and ca .....

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04, 3895/2004 & 3896/2004 - Dated:- 4-1-2017 - MR. S. RAVINDRA BHAT & MR. NAJMI WAZIRI JJ. Petitioner Through: Mr. S.K. Aggarwal with Mr. V.P. Gupta, Advocates. Respondent Through: Mr. Rahul Chaudhary with Ms. Lakshmi Gurung, Advocate. S. RAVINDRA BHAT, J.(ORAL) 1. In view of the common order we have made today in W.P.(C) 3893-3896/2004, this petition has been rendered infructuous and is, therefore, dismissed. 2. In these petitions, reas .....

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4. The block assessments were by and large confirmed by the CIT (A) who granted relief in respect of certain amount of disallowance. The ITAT, however, was of the opinion that fresh material of the kind warranting the block assessment concluded had not been discovered. It, therefore, set aside the block assessment completed on 31.08.1999 for the four years in question. At the same time, the ITAT also observed in its order that having regard to the fact that no material was forthcomin .....

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ction 147/148 of the Income Tax Act, 1961. It is stated that since the notice was issued on 27.11.2002, i.e., well beyond the six years limitation imposed for both assessment years, the impugned notices are illegal and all proceedings continued thereafter cannot be sustained. So far as the other two notices (which are subject matter of W.P.(C) 3895-3896/2004) are concerned, it is contended that after the completion of the search on 07.08.1997, the AO could well have taken note of whatever lapses .....

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o tax any additional amount over and above the originally assessed amounts, in the course of the block assessment, the Revenue could not have tried to improve its case in the particular facts and circumstances of the case. 6. Counsel for the Revenue relied upon Section 158B (b) and urged that the latter part, i.e., the reference to non-disclosure of any expense, deduction or allowance claimed under this Act which is found to be false was inserted by the Finance Act, 2002 with retrospe .....

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