There Cannot Be 'Disconnect' Between Reasons For Initiating Reassessment U/S 147 Of IT Act & Grounds On Which Final Order Is Passed: Delhi HC
The Delhi High Court has held that only 'original reasons' which formed the basis for initiating reassessment proceedings under Section 147 of the Income Tax Act can be taken into consideration by the Assessing Officer, for coming to the conclusion that income had escaped assessment. A division bench of Justice Yashwant Varma Hon'ble Mr. Justice Dharmesh Sharma observed that there cannot be a 'disconnect' between the reasons which had been originally recorded for initiation of reassessment action and the findings on the basis of which the final assessment order is passed. Reliance was placed on ATS Infrastructure Limited v. Assistant Commissioner of Income Tax Circle 1 & Ors where the HC had held that the formation opinion under Section 147 and the reasons which are taken into consideration for initiating action of reassessment cannot waiver or be one of changing hues. with Mr. Sumit K. Batra, Mr. Manish Khurana, Ms. Priyanka Jindal & Ms. Hage Nanya, Advs for Petitioner; Mr. Vipul Agrawal, SSC with Mr. Gibran Naushad & Ms. Sakshi Shairwal, JSCs for Respondents Case title: Subhash Chander Dabas v. Assistant Commissioner Of Income Tax Case no.
Delhi HC Upholds I-T Dept Reassessment, Attachment Notice To NDTV [Read Judgment]
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