Relief To HDFC Bank: Bombay High Court Quashes Reassessment Notice As Jurisdictional Condition Not Satisfied
2 years, 9 months ago

Relief To HDFC Bank: Bombay High Court Quashes Reassessment Notice As Jurisdictional Condition Not Satisfied

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In a major relief to the HDFC Bank, the Bombay High Court has quashed the reassessment notice as the jurisdictional condition for invoking the power under section 147 of the Income Tax Act was not satisfied. The division bench of Justice N.J.Jamadar and Justice K.R.Shriram has observed that once, it is held that the jurisdictional condition for invoking the power under section 147 is not satisfied for a particular assessment year, the notice for reopening cannot be sustained. The Assessing Officer was of the view that there was failure to take into account the enhanced deduction under section 36 while allowing the deduction towards bad debts in assessment year 2006-07, and, thus, he had reason to believe that income had escaped assessment for assessment year 2006-07. The petitioner avered, since the notice came to be issued beyond four years of the end of the assessment year 2006-07, and assessment under section 143 of the Act, 1961 had been effected, not once but twice, the resort to the provisions contained in section 147 of the Act was impermissible unless there was failure on the part of the petitioner to disclose fully and truly all the material facts for the purpose of the assessment.

History of this topic

S.144C IT Act | AO Not Having Info About Pending Objections Before Dispute Resolution Panel No Grounds To Sustain Final Assessment Order: Delhi HC
5 days, 11 hours ago
SC's Judgement In Abhisar Buildwell Case Doesn't Permit Reopening Of Assessments Beyond Limitation Period U/S 149(1) Of IT Act: Delhi HC
6 days, 21 hours ago
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2 weeks, 3 days ago
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3 weeks ago
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1 month ago
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1 month, 1 week ago
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1 month, 1 week ago
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1 month, 1 week ago
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2 months ago
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4 months ago
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4 months, 1 week ago
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5 months, 1 week ago
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5 months, 1 week ago
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5 months, 1 week ago
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5 months, 2 weeks ago
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6 months ago
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6 months ago
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7 months ago
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7 months, 1 week ago
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7 months, 2 weeks ago
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7 months, 2 weeks ago
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8 months ago
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8 months, 2 weeks ago
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8 months, 2 weeks ago
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8 months, 4 weeks ago
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9 months ago
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9 months ago
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9 months ago
PCIT Cannot Enlarge Scope Of Limited Scrutiny By Invoking Sec 263: Chennai ITAT
9 months, 1 week ago
AO Competent To Invoke Section 154 Jurisdiction If Glaring Mistake Of Fact/Law Is Committed While Passing Assessment Order: Madras High Court
9 months, 1 week ago
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9 months, 1 week ago
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9 months, 3 weeks ago
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10 months ago
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10 months, 1 week ago
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10 months, 1 week ago
S.148 Income Tax| For Assumption Of Jurisdiction Satisfaction Needs To Be Bonafide, No Need To Record “Reason To Believe”: Allahabad High Court
10 months, 2 weeks ago
Reopening Initiated On Basis Of Wrong Reasons Renders Very Assessment As Invalid: Mumbai ITAT
10 months, 2 weeks ago
PCIT Can Grant Sanction U/s 151 For Issuing Reopening Notice U/s 148 Even After Expiry Of Four Years From End Of Relevant AY: Mumbai ITAT
10 months, 2 weeks ago
Reopening Of Assessment Inspired From 'Review' & 'Change Of Opinion' By Subsequent AO Is Deprecated: Madras HC
11 months, 1 week ago
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11 months, 3 weeks ago
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1 year ago
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1 year ago
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1 year ago
Reassessment Notice Severed At Old Address Despite Knowing Assessee’s New Address: Delhi High Court Quashes Assessment Order
1 year, 1 month ago
Re-Opening Is Not Permissible As It Falls Within The Purview Of A ‘Change Of Opinion’: Bombay High Court
1 year, 1 month ago
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1 year, 3 months ago
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1 year, 4 months ago

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